Maintain a good credit rating
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Maintain a good credit rating

Itís important to follow the strategies listed ...

 
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If you have a good credit rating and you want to hold onto it, there are a few things that you should remember to do. After all, we arenít born with good credit histories the way that we are born with good looks. Itís important to follow the strategies listed below as consistently as possible.

  • Pay each of your credit card bills on time or even a few days early. Even one late payment on any of your bills can negatively impact your credit rating. In fact, one late payment is listed as a delinquency that takes three consecutive on time payments to erase.
  • Pay the minimum amount due consistently. Paying less than the minimum lowers your credit rating and incurs additional fees.
  • Whenever financially possible, pay more than the minimum amount due.
  • Avoid acquiring several credit cards in the same week or month. Although it might be tempting, it generally isnít a good idea. Quite a few stores offer rebate or reward incentives if you acquire a new credit card with them. This is tempting, but it isnít a good idea to obtain a lot of new cards all at once since it makes you look as though you are desperate for money.
  • Pay each of your bills including utility, mortgage, and loan installments on time or even a few days early. Your entire payment history is factored into your credit rating.

Although this is a simplified version of how to maintain a good credit rating, it will do the trick if followed consistently. In addition to following the above strategies, maintain steady employment to increase your credit rating. (don)
 
 
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