Tips for Maintaining Good Credit

1. Know your debts and due dates. Roughly two-thirds of your credit score is based on your ability to pay your bills on time, as well as the total amount of your debt. The first rule for maintaining good credit is not to miss monthly payments.
   
   
2. Don't be afraid to rate shop. It’s a common myth that you can damage your score by getting rate quotes from multiple sources. As long as you do your rate shopping in a focused amount of time for the same purpose (i.e., student loans), your credit score will not be damaged.
   
   
3. Get and stay current. The longer your record of on-time payment, the better your credit score will be. Even if you've had trouble in the past, it is crucial to bring your accounts up to date. Ask your creditor for assistance before missing a payment.
   
   
4. Respect all debt. Missing a monthly payment on a small debt is just as damaging to your credit score as missing one for a large debt. Don't let a single monthly payment obligation slip.
   
   
5. Just say "no." The charges associated with credit card cash advances and payday loan offers can be close to 25%. That's the same as giving away a quarter of your hard-earned paycheck just to have the money in hand a few days before payday.

Source: www.myFICO.com