![]() ![]() The higher the credit utilization, the lower your score," she adds. "The lower your credit utilization, the better off you are on your credit score. ![]() "If you have a credit card with a limit of $2000, and you have $1000 charged on it, you are utilizing 50% of the credit available to you," Ford says. Karen Ford, Master Financial Coach at KBF Management Company, suggests paying down credit card balances in order to lower your credit utilization. Decrease your use of creditĮven if you pay your credit card bill on time, using too much credit will lower your credit score. You can improve your credit score by following these suggestions from credit experts. ![]() It will take some time and effort to repair your personal credit if it is in need of rehabilitation, but it will save you money and increase your opportunities over time. But for many, past mistakes-including paying late-mean a lower credit score, which can lead to higher interest rates or even the denial of credit. Paying bills on time is essential to maintaining good credit, as any late payments mean a lowered score. Maintaining your personal credit score also means having access to credit in cases of an emergency, like an unexpected major home repair, or needing to replace a vehicle. Personal credit scores help determine whether a person gets a home, a car, and even a job. ![]()
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