One of the things you should always take care of and maintain in your life (besides relationships, jobs, health, etc.), is your credit card score. You never know when you need it and it might prove to be useful to have it as high as possible!
You probably don’t or can’t realize right now how important a good credit card score is, until you apply for a loan. You’ll see that it’s very difficult to get any kind of loan with a bad credit score.
What you want to shoot for is above 700. Although a good credit score is above 700, an excellent one is above 770. By excellent, I mean that you can get a house loan on the spot if needed!
You should definitely know the three major credit bureaus – Experian, TransUnion and Equifax. From these, you can get your credit card report so you know what to expect on your next loan application and know what to improve.
It’s crucial to keep your credit card score up so you can live a worriless life, especially if you’re living in the U.S. So, how can you get an awesome credit card score or how to maintain one?
– Make Your Payments on Time. You have no idea how much one missed payment may damage your credit score. It can lower it by even 30 points! That’s huge if you’re planning to apply for a house/car loan.
– Stop at 50% of Your Credit Limit. Many people tend to exceed the maximum capacity of their credit card and that hurts their credit report. Try to keep it below 50% so you can always be able to pay it back.
– Don’t Spend Too Much. This is one of the most important points. DON’T SPEND MORE THAN YOU EARN. Because if you do, you won’t be able to pay it back!
Keeping this simple but important three points, you can achieve greatness with your credit card score!