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5 tips to maintain a good credit score

As much as we know that “money doesn’t buy happiness”, it is impossible to ignore the consequence it has on our lives. Maintaining a good credit score has only benefits, such as low interest rates and much more. The primary way your credit is established is on how you use your credit. Therefore, one must be informed of the many factors that influence your score, as finances play a huge role in our daily existence.




Here are a few key points to follow:


  • Pay your bills on time (or earlier)

Be organized with your bills and make sure you put them all in one place. When you have all your receipts stacked together, it will be much easier for you to know what and when you have to pay the amounts. You could also set up an automatic payment system, which will make sure you never miss a payment.


  • Keep your balance low

The best way to remain in the safe zone with your credit card is staying within 30% of your credit limit. It is important to know that even if you pay your card on time, it’s risky and noted by the bank when you exceed the 30%.


  • Seldom ask for new credit

People may not be aware of this crucial factor, when it comes to the evaluation of your credit store. Each time, you apply for a new credit card or a loan, your credit score is also slightly hindered. So, really think about it before you take this step!


  • Prepare yourself for urgent situations

Always think ahead and be prepared, with an emergency fund to fall back onto whenever something unexpected happens. In fact, it is recommended to invest money in an interest-earning account. This will help you avoid taking a loan.


  • Have a relationship with your creditors

Whenever you find yourself in a circumstance where you can’t keep up with payments, don’t be afraid to contact your lenders. They are open to help you with substitute options if you take this initiative.

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