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How To Maintain a Good Credit Score

Maintaining CreditOnce you have done the work of repairing your damaged credit score you are going to want to do everything in your power in order to ensure that you don’t find yourself back where you started. You have worked diligently to repair the mistakes of the past; don’t use it as an excuse to start making new ones. To help keep you on the straight and narrow, consider the following tips to maintain good credit.

Always pay your bills on time, all of them: While not every bill that you have will end tip on your credit report if you are a few days late when it comes to paying it, you can never know for certain which bills are mission critical and which can be safely ignored until your next pay check. Even a small fine from the local library could ultimately end tip on your credit report, dinging your hard—won credit score in the process. Don't take that chance and always remain vigilant when it comes to paying your bills on time.

Avoid using credit cards: While having credit cards improves your credit utilization and credit history, using them too often is a surefire way to start back-sliding, especially if your budget is on the lean side. If you must use your credit cards, take special care to ensure that you never exceed a credit utilization of 30 percent as that’s when your credit score will start to take a hit. While going over this limit slightly will only affect your score by a few points, if you are just on the edge of an acceptable score, that might be all it takes to start seeing higher rates as a result.

Pay down your loans: Once you have righted your financial ship, the best way you can keep it on course is to make it a point of paying down your loans as quickly as possible; don’t forget, approximately 30 percent of your credit score is influenced by the amount of debt you have which makes it one of the easiest ways to continue improving your score once you are moving in the right
direction.

In order to make more money available to pay down your debt, the first thing you are going to want to do is to stop living paycheck to paycheck which means establishing an emergency fund. A solid emergency fund will allow you to live for three months, and pay all your bills, if the worst happens and you find yourself out of the job. Establishing this fund will give you the wiggle room you need to
prioritize your debt without worrying about every minor pitfall that comes your way.

Monitor spending: Approximately 40 percent of individuals who find themselves with credit score issues got there simply by not keeping track of their week-to-week spending as well as they should. With the prevalence of online banking, there is no reason why you shouldn’t be aware of exactly what your checking account balance is,every minute of every day. Get in the habit of monitoring
your spending and you will never be surprised when your bank statement shows up at the end of the month. This doesn’t mean you won’t want to peruse the statement when it does come in, however, as you never know when a mistake might be made, you never know when a little extra diligence could pay off in a big way.

Remain glued to your credit report: Just because you are out of the woods doesn’t mean that nothing new is going to show up on your credit report, whether it is your fault or not. Something new from your past might show up, or one of the bureaus may make a mistake or fail to note tile positive changes you have made in a timely manner. The previous blog posts have given you tools for dealing with these issues, but you will only be able to put them into action if you are aware of them in the first place. Don’t let all your hard work go to waste, continue taking advantage of your free credit report every year.


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