No matter how old we get, our credit score remains important. If affects the rate you get on your car loan, whether you can get additional credit cards and more.
Here are some things to keep in mind to keep your credit score up.
1.) Your age actually works in your favor – all other factors being equal, your credit score automatically rises as you get older.
2.) Make sure you’re making at least the minimum monthly payments on your credit cards – Your score goes down for every payment you miss. Even if your balance is only $5, you get penalized the same amount on your credit score as if you missed a payment for several hundred dollars. Even better, pay off the entire balance on your cards every month.
3.) Adding additional cards may actually help your score – Part of your score is determined by how much of your total credit limit you aren’t using. Adding more cards can mean increasing the total amount of credit available to you.
4.) The above tactic only works if you haven’t maxed out the rest of your cards.
