There are plenty of things you can do to maintain the good credit score you’ve worked so hard to build, and one excellent reason why you should care: money.
A good credit score typically means lower interest rates, and that means more cash in the bank. It’ll also be easier for you to get loans and credit.

Here are the vital tips.

Treat all of your debts equally

Your credit score takes into account both revolving debt (credit cards) and trade line or installment debt (mortgages).
It doesn’t matter that your line of credit, for instance, has a lower interest rate, you shouldn’t prioritize other loans if it means neglecting that payment. Constantly having a balance on your credit cards can lower your score and hurt your chances for getting approved for loans or any other credit card accounts you may want to open.

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Keep old credit cards open

There are a few reasons why keeping old cards open can benefit your credit score, and one is the length of your credit history, which accounts for 10 percent of your score.
This is especially important for older cards, because they give your credit report a longer record, and this’s good.

Consolidate cards to have fewer balances

Having a number of small balances spread out over several different cards may seem smart, but this approach can actually backfire if you overuse it.
Instead, John Ulzheimer of Credit Sesame says you’re better off paying these amounts down. “A good way to improve your credit score is to eliminate nuisance balances,” he says. This is because having multiple cards with balances can lower your score rather than boost it.
If you’re looking to pay off credit card debt quickly, consider a balance transfer card to consolidate all your monthly payments onto one card.


Make sure you pay every bill on time

Your payment history accounts for 35 percent of your credit score. If you have trouble keeping your bills in order and staying organized with payments, set up electronic billing and payment reminders to stay on top of your bills.
If you aren’t good at keeping track of what’s due when, don’t worry, there’s an app for that.
If you’re terrible with being on time, you can set up auto payment plans through your bank or with your credit card to ensure that bills are paid for you, on time, every month.


Try not to rack up the balance on your credit cards


If you have one credit card with a $1,000 limit and have a $500 balance, your credit utilization ratio is 50 percent. Aim for 30 percent or lower.
The people with the best credit scores only use about 8 percent of their available credit.

Avoid applying for new credit

New credit applications account for 10 percent of your score. Each time you apply for credit that prompts a hard inquiry into your report, your score will take a hit.
Unless it’s absolutely necessary, don’t apply for new credit cards or loans if you want to keep your score up.

There are plenty of tips, tricks, and healthy habits you can use to maintain and even improve your credit score. Some of the best things you can do involve being consistent with payments, not overspending, and paying bills on time.
On top of that, other things you can do include avoiding applying for new credit, keeping an eye on your reports for errors, and taking steps to eliminate debt and lower your credit utilization.

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