There's no one right way to build a credit score. But there are multiple ways you can ensure that your credit score isn't stagnant or falling.
- Pay up on time and in full: Ensure that you're not keeping credit lines open for too long. If you're borrowing funds, ensure that you also have a means to repay them.
- Don't shoot way beyond your affordability: You might have an excellent credit score. But that doesn't give you the license to go and buy the whole town. Can you really afford to utilize the credit being given to you? Think about it before jumping the gun.
- You're constantly being sold credit: Credit companies need you to take out new lines of credit and they will do anything to make that look lucrative. But do you really need that? If you don't need a loan, just don't take it. Simple.
Whether you are looking to increase your FICO score, or take on a new line of credit, ensure that you have a game plan in mind.