Keeping tabs on your credit score can be difficult, especially if you don’t know what’s hurting it. So, whether you want to increase your credit score, fix mistakes on your report, or repair credit issues of the past, here are 3 things you need to know that can negatively affect your credit:
Closing Old Credit Cards: The length of your credit history determines 15% of your credit score. While it’s important not to have too many credit cards, remember to keep an older card active to keep that history.
Not Having Any Credit Cards: Just like having too many credit cards can hurt your credit score, so can not having any because you need to establish credit history. If you can’t get your own credit card, then become an authorized user on someone else’s card.
Having High Balances on Your Credit Cards: Credit utilization accounts for nearly one-third of your credit score. The higher percentage of credit you’re using, the lower your credit score.
RentReporters is helping the millions of renters to proactively impact their credit score by reporting on-time rent payments to TransUnion, one of the major credit bureaus.