Your credit score is a number that companies use to quickly evaluate your credit worthiness. The three main credit bureaus calculate your credit score based on a number of factors. There are simple ways for you to keep your credit score high so you will get the credit you deserve when you really need it.
Tip #1: Make all payments ontime. Even if your parents have co-signed on a car loan for you, your credit score can be affected if you make those payments late - not to mention it will affect your parents score!
Tip #2: Only apply for credit
when it is necessary. Don't apply for a new
card at every department store you like. It
is better to get a VISA or MasterCard through
the credit union so you can use it anywhere.
Everytime you apply for credit, your credit
score usually drops a little, so be cautious
about all of the credit applications online
and in all of the stores.
Tip #3: Use your credit when you need it. Don't buy everything you want on credit. Everything you purchase with credit costs you more in the end. So if you buy a pair of jeans on sale, but put it on credit and pay the minimum payments, those jeans will end up costing you more if you have purchased them with cash at their regular price.
