Maintain good credit

 
 
  • Limit the use of your credit cards and the number of cards that you have.
  • Don't buy things you don't need.
  • Avoid loans and credit cards with high interest rates.
  • Choose credit cards with low interest rates and no annual fees.
  • Avoid having monthly credit card payments greater than 10% of your monthly income.
  • Do not charge over 20% of your annual income to credit card purchases.
  • Try to pay off your monthly credit card balance. If not, always pay above the minimum installment.
  • Pay on or before your due date. This will reduce your interest payments.
  • Don't exceed your credit limit.
  • Avoid using 15% of your credit line and leave it available for emergencies.
  • Keep track of all your credit card purchases. Save the receipts and compare them with your statement.
  • Check your account statements.
  • Don't use your credit card to buy high priced items that are beyond your means. Don't forget your budget.
  • Don't commit to monthly payments that you will be unable to meet.
  • If you are unable to manage your accounts, speak to a financial advisor who can help you create plan to stay afloat.