Best Practices for Score Growth
01.Pay On Time, Every Time
Payment history is the largest factor in your credit score (35%). A single payment that is 30 days late can drop your score by over 100 points! Set up automatic minimum payments on all accounts to guarantee you are never late.
02.Keep Credit Utilization Low
Credit utilization is the percentage of your credit limit that you use. If your limit is $1,000 and your balance is $300, your utilization is 30%. Keep your utilization below 10% for the fastest score growth. Pay your balance down before the billing cycle ends!
03.Do Not Apply for Too Many Cards
Every time you apply for credit, it triggers a 'hard inquiry' on your report, which temporarily lowers your score. Apply for one starting card, use it responsibly for 6 months, and build history steadily.