Stellar Snippets
Maintaining good credit practices is essential for financial stability and access to credit, especially in 2023.
Keep credit utilization below 30% of your available credit. This ensures you are able to pay back your balance in full.
This means that if you have a credit limit of $10,000, you should keep your balance below $3,000.
Pay all your bills in full and on time: Payment history makes up 35% of your FICO® score calculation.
Always pay your bills on time and in full. Even if you can only pay the minimum, always meet your due date.
Check your credit reports for errors: Checking your report for errors is another way to help maintain a good score.
Limit requests for new credit: Applying for too much credit in a short period of time can hurt your credit score.
Keep old accounts open: The length of your credit history makes up 15% of your FICO® score calculation.
Consolidate debt: Consolidating multiple credit card balances by paying them off with a balance transfer credit card.