Learn more about moneyandinvestments with this collection
Understanding the basics of cryptocurrency
How to store cryptocurrency securely
Risks and benefits of investing in cryptocurrency
3. Manage the debt you have
Keeping your balances low will help boost your credit score. Aim to keep your debt utilization — which is amount of available credit you actually use — as low as possible.
"You never want the balance to be more than 30% of the credit limit — that is, any one card or in total," said Griffin.
If you are carrying a balance on any of your credit cards, create a plan to get them paid off as soon as possible.
26
50 reads
MORE IDEAS ON THIS
2. Pay your bills on time, all the time
Your payment history is the biggest factor in determining your credit score. Lenders don't want to give money to someone who has a history of missed payments.
Paying a bill more than 30 days late can drag down your score. "One single missed payment can drop your score anywhere from 100 to 3...
27
47 reads
4. Open a credit card if you don‘t have one
There's no need to have a wallet full of credit cards, but having one or two that you use responsibly will help your score.
"You should apply for credit when you need it and know how you are going to repay it," said Griffin.
But if you don't have a credit card, he recommended opening ...
25
47 reads
Key Points For Building Credit
Your credit score is calculated using a mix of data, including your payment history, how much credit you have and length of credit history.
Here's the golden rule: Only charge what you can afford to pay every month in full.
Keeping your balances low will help boost your credit score. ...
30
328 reads
1. Know your credit risks
You can check your credit report for free once a year from each of the three main credit reporting agencies, TransUnion, Equifax and Experian. But your score won't be included on these free reports — you'll usually have to pay to see it.
If you do purchase your score, it usually comes with ...
26
55 reads
5. Be patient
Good credit scores don't just happen overnight.
For instance, the positive effects of opening and making on-time payments on a credit card could take a few months to show in on your score, according to Griffin.
Correction: An earlier version of this story stated t...
25
53 reads
CURATED FROM
CURATED BY
Related collections
More like this
Manage your Debt wisely
In case you have a lot of debt to shoulder, start paying off the most expensive one.
The credit card has been regarded as the most expensive form of debt. As soon as your salary gets credited each month, pay off your credit card balances in full. Don’t fall for the lure of paying off the m...
How To Best Build And Track Your Credit
- Reviewing your credit report and your credit score regularly can save you money
- Keep your credit use below 30% of your total available credit, as it can ding your credit score. You calculate it by dividing the total amount on all of your credit cards by your tota...
Credit cards
Carrying credit card debt is a great way to negatively compound your net worth. But credit itself is important.
Likely the biggest expense over your lifetime will be interest costs on your mortgage, car loans, student loans, etc. Having a solid credit score can save you tens of tho...
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving & library
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Personalized recommendations
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates