You cant turn around without someone telling you this or that about the importance of your credit score. Unfortunately, theyre all correct. You credit score has the power to help you get a small loan for your business, or a mortgage for a house, but only if youve managed your finances in such a way that your credit score is favorable. So you want to do everything in your power to keep your financial record clean. Many different factors go into your credit score, but these are some of the biggest mistakes you wont want to take to the bank.
Dont max out your credit card. Easier said than done, you might say, but its essential. If youre using the majority of your available limit on any given card, or on more than one card, it tells banks and lenders that youre living off of your credit cards, and unlikely to be able to pay them back. Ideally, you should never carry more than 30% of your available limit on any credit card.
Dont make late payments. Again, easier said than done, but promptness counts big on your credit score. Not only can late payment allow your credit card company to jack up your APR and slap you with penalty fees, but it also puts your financial...
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