INDIANAPOLIS – The Indiana Bankers Association has offered several tips to the public on how to maintain good credit during the recession.
The key is to pay debt on time since late payments are “credit score killers.” A late payment of $1 has the same effect as a late payment of $1,000 because the bill wasn’t “paid as agreed.”
Closing out credit card accounts diminishes the opportunity to increase your credit score. A long-term positive account history can boost scores so it’s best to keep cards open and active.
Finally, don’t buy more on credit that you normally would.