How To Save Your Credit Score

Your credit score is attached to your name. Basically through out your life you will use this very often to buy things such as a house, car, loans, credit cards, furniture even. So this is kind of important and a good piece of advice.

From what I have learn your credit score can be wiped out very quickly when your young and no cares in the world. I know because I was that guy. So you miss a payment no bid deal right. WRONG!~

Here are some of the basics as to how the Credit Score works.

1) ALWAYS make your payments on time. Not a day late!

2) Do NOT just make minimum payments! If your tight for money pay at least 10% more then the minimum. Usually the minimum is 2% or something like that of your total balance. Some cards charge only 1%. THEY WANT YOU TO PAY LESS.

3) NEVER keep your balance over 50% of the total credit limit. This makes up about 15% of your total credit score. Also try to keep your balance at $0 if not under 50% of the total credit allowed.

4) Credit History. They look at how long you have had credit and how you normally pay things off. If you have revolving debt (keep a balance month to month) or the customers they hate who pay it off everyone month.

5) NEVER close of credit card even when it is paid off. Cut the card up and never use the account again. Simply put credit companies look at badley for closing accounts.


NOW if you paid off your credit cards and don't intend to build it up again GREAT~! But here is a tip to get your Credit Score back up. Use your credit card to make 1 or 2 purchases a month and pay the entire balance off each month. This will show the credit companies you pay on time and builds up your history. Myself I charge some groceries and maybe a tank of gas and then pay off the entire balance each month.

Do these steps and your credit score will look good in the end. One last tip for you as well. If you think you can fix your credit over night. THINK AGAIN! I don't care who tells you they can fix your credit score over night. They can't it takes time and patience.

Get a copy of your credit score from www.TransUnion.ca or www.Equifax.ca

Until next time Keep learning and applying what you have learned! 9 Steps to paying of Credit Cards