There are many things that you can do on a daily basis to Make or Break Your Credit Score.

"With any kind of credit obligation it's really critical to always pay on time," says Ben Woolsey, director of marketing and consumer research for CreditCards. "Don't ignore any obligations like student loans or utility bills or cellphone bills. Lenders are starting to scrutinize those sorts of things."

"The biggest misconception about improving credit scores is that it's something that can be done quickly," says Juetten. "It's not. It takes time."

Source Yahoo Finance – How to Make or Break Your Credit Score

I like this article because it shares some things that you need to do on a regular basis to keep your credit together.

The article features a young man that had been the victim of identity theft.

One thing that will make or break your credit score is not having looked at your credit report.

The young assumed that his credit was fine because he had paid all his bills on time.

If he had been getting a yearly credit report he would have known about the identity theft and started working on removing the information from his credit report.

You can make or break your credit score by carrying a balance above 50% of the credit limit on all your credit cards.

You want to make sure that if you have to have a balance that you keep it below 50% so that your debt utilization portion of your credit score does not make or break your credit score.

You can make or break your credit score by paying your credit cards, car loan, mortgage, utliity bills or cellphone. 

Late payments can quickly damage your credit score.

Your credit score is based on the variety of credit types that you have on your credit report.

Not having enough variety can make or break your credit score.

If your home is paid off don't go get a equity line of credit.

But you don't to just have credit cards only on your credit report.

Your credit history can make your break your credit score.

You must make sure that your pay your bills on time every month.

For some reason if you are late call your creditor to ask for a one time forgiveness of the late payment.

This way you dont' have a late payment to make or break your credit score.

You can only do this if you have been paying your bill on time for 2 or more years.

Are you making or breaking your credit score???

Your financial coach,

Renee Lawson

Recommended Resources:

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