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Whether you want to improve a less than stellar credit score or sustain a perfect one, it's essential to keep the balance on your cards as low as possible. Your card balance weighs heavily on your score, and your total utilization on a single card should not exceed 10% from month to month. Ideally, pay your balance in full each month. This approach helps you avoid paying interest, and it's one of the best ways to make a substantial difference in your score.
After payment history, credit utilization is the next significant factor that affects your credit score. It's tempting to use your high credit limit to make large purchases and pay them off over time, but it's a bad idea. You'll end up paying interest, and your credit score will suffer immediate damage. Instead, keep your utilization under 30% of your overall available credit for an optimal credit score. If you're currently using over 30% of your available credit, paying it below that threshold will rapidly improve your score.
When it comes to achieving great credit, using multiple different lines of credit regularly is fundamental. An easy way to accomplish this without accidentally missing payments is setting up recurring monthly payments on various cards and setting up autopay for those cards with your bank. In addition, putting smaller payments like monthly Netflflix charges on older cards you barely use is a great way to keep that line of credit active and ensure you're getting top marks on credit diversity from the bureaus.
Building your credit is a process that takes time, but where to begin? Traditional unsecured credit cards are hard to get without a credit history, so applying for a secured credit card is a significant first step toward building a positive credit score. Secured credit cards require an initial deposit that the issuer holds. Another way to establish credit is to take out a small loan with a co-signer who has good credit.
