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The 3 best ways to not lose your credit score

Having a good credit score comes with several benefits from interest rates to renting. Here are the 3 best ways to protect your credit score.

Tener un buen puntaje crediticio viene con varios beneficios. Te explicamos las 3 mejores formas para no perder y mantener tu puntaje de crédito.
Philippe WojazerREUTERS

Having a good credit score comes with several benefits, such as lower interest rates on loans or other credit cards and it can even affect whether a landlord rejects you when you are looking to rent. That is why keeping it high is essential.

Lenders use these credit scores to help estimate the risk of giving a person a loan or credit card. The credit scoring model is a program that evaluates a person's credit details and estimates the risk that an account will be paid 90 days or more late in the next 24 months.

In the United States, the two most popular types of credit scores are FICO and VantageScore. The FICO score, the most widely used, ranges from 300 to 850, and lenders consider scores between 800 and 850 “Exceptional.” We’ll share some tips to avoid getting your credit score dinged.

The 3 best ways to not lose your credit score

According to financial services company Wells Fargo, these are the top tips for maintaining a good credit score so you can achieve your financial goals.

Manage your credit

It is advisable to keep track of your expenses. This includes your debit and credit card transactions, ATM card use, and any checks you've written. It is important to review your transactions online to monitor your current balances and report any erroneous movements.

On the other hand, don’t go over your limit on lines of credit and credit cards, as this can reflect negatively on your credit score. According to Wells Fargo, it is advisable to keep your credit utilization rate below 30%.

This may interest you: How do I check my credit score myself?

When it comes to managing your credit, it's important to have an emergency fund. For example, 15% of the credit available in an emergency.

Make your payments on time

Paying on time is one of the best ways to maintain your credit. We recommend paying at least the minimum monthly payment on time each month to reduce finance charges, as payment history accounts for approximately 35% of FICO credit score. Also, it’s important to save all your bills.

Pay attention to payment due dates and even, if your financial institution allows it, you can schedule your payments automatically.

Keep in touch with your lenders

It’s important to contact your lenders right away if you’re late on any of your payments for alternative payment options. We also recommend keeping your contact information up to date.


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