ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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own a lot of credit cards
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max out your credit cards
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let others use your credit cards
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keep your credit card balances low and pay them on time
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Detailed explanation-1: -Your payment history makes up 35% of your FICO score calculation. We recommend you always pay your bills on time and in full, but even if you can only pay the minimum balance you should always meet your due date. Whether it’s your credit card or utility bill, pay every kind of financial commitment on time.
Detailed explanation-2: -In general, it’s always better to pay your credit card bill in full rather than carrying a balance. There’s no meaningful benefit to your credit score to carry a balance of any size. With that in mind, it’s suggested to keep your balances below 30% of your overall credit limit.
Detailed explanation-3: -Experts generally recommend maintaining a credit utilization rate below 30%, with some suggesting that you should aim for a single-digit utilization rate (under 10%) to get the best credit score.
Detailed explanation-4: -Be organized. Pay attention to the payment due dates. Mail your payment-or schedule an online payment through Bill Pay-at least a week before the due date. Sign up for automatic payments. Keep your contact information current.
Detailed explanation-5: -Make Larger Payments Now. Reduce Credit Card Spending. Stop Using Your Card Entirely. Negotiate Lower Interest Rates. Transfer Your Balance. Prioritize Payments. Ask Your Card Issuer for a Payment Plan. Improve Your Credit Score. More items •16-May-2017