How to Maintain A Good Credit Score

By Tevait Feanle •  Updated: 01/23/24 •  5 min read

Once you begin your credit score journey, it maintenance can be the frustrating part of it. Obtaining and maintaining are closely related but they have their own risk.

Beginning with responsible financial habits is crucial for building a solid credit score. 

Individuals obtain credit through the creation of accounts and the regular payment of instalments. 

- ADVERTISEMENT -

Responsible financial behaviour over time can lead to a better credit score, giving you access to more favourable loan terms and opportunities in the financial sector. To ensure a stable and positive credit profile, it is crucial to practise responsible credit habits consistently.

On the contrary, we will take you through how to maintain a good credit score, the need to maintain the credit score and some of the things that can affect your credit score.

How do you maintain a good credit score

Once you have achieved a good credit score, the key is to maintain it. It is necessary to prioritise the key aspects of your credit score, establish automatic bill payments, steer clear of debt, and regularly monitor your credit score.

Understanding credit, its calculation, the importance of maintaining a good credit score, and monitoring it regularly is key to ensuring a high credit score.

Here are some key tips on how you can maintain a good credit score.

By following these tips, you can maintain a high credit score and increase your likelihood of securing a loan. Supposing you are looking to purchase a new car and require a loan. If your credit is excellent, you might have the opportunity to secure a loan with more favourable conditions and a reduced interest rate. Throughout the loan, this will result in a reduction of interest payments, potentially leading to significant savings.

- ADVERTISEMENT -

Why is it important to maintain a credit score?

There are several reasons why you should strive to keep a decent credit score. 

First and foremost, it has the potential to save you money on interest and fees by allowing you to qualify for loans and credit cards that are offered at the most competitive rates ever. 

In addition, if potential landlords examine your credit history, having a decent score may make it easier for you to qualify for rental apartments or save you from having to pay a security deposit on utilities.

The benefits that can be derived from maintaining a credit score are unlimited and have a positive trickle effect on an individual’s financial life.

What are the things that hurt your credit score?

Various factors can have a detrimental effect on your credit score. Delinquent payments on credit accounts, such as credit cards and loans, play a major role. 

Having high credit card balances compared to your credit limit can negatively impact your credit score. 

Opening multiple new credit accounts in a short period can indicate potential financial instability and have negative consequences. 

Bankruptcies, foreclosures, and other public records have a significant impact on your credit score. When you close old credit accounts, it can have an impact on your credit score by reducing the length of your credit history. 

Defaulting on loans and having accounts sent to collections can leave a lasting mark of negativity. 

By consistently keeping an eye on your credit report and adopting responsible financial habits, you can minimise these risks and ensure a strong credit score.

How long does it take for credit score to go up?

It is always optimistic to perceive your credit score going up. A higher credit score can offer you many opportunities. It is quite common for people to get an understanding of the timeline for a credit score to go up. 

If you are concerned about how long it will take for your credit score to go up, then you must understand this can alternate. 

Credit scores can go up within 30 to 45 days. When you make the right payment on time, that activity may not push your credit score to go up immediately although the payment has been recorded. 

- ADVERTISEMENT -

Keep Reading

How Many Credit Scores to Unlock GCredit

How Many Credit Scores to Unlock GCredit

How to Buy A Car With A Low Credit Score

How to Buy A Car With A Low Credit Score

While you are here let us find out more about how to buy a car with a low credit score. Although it is not impossible, the question lies within the process.

Why Does My Credit Card Charge Extra For The Petrol Pump?

Why Does My Credit Card Charge Extra For The Petrol Pump?

This paper further expounds on the reasons for levying such extra charges, the consequences of overcharging them

Why Credit Scores Drop For No Reason

Why Credit Scores Drop For No Reason

We are about to share some exciting and insightful information on credit score drop, fixing your credit score, what can hurt your credit score etc. 

How to Use a Credit Card to Increase Your Credit Score

How to Use a Credit Card to Increase Your Credit Score

This guide provides measures you can take to ensure effective use of a credit card to increase your credit. 

How to Increase Credit Score GCash

How to Increase Credit Score GCash

How Can I Check My Credit Bureau Records?

How Can I Check My Credit Bureau Records?

How Can I Check My Credit Bureau Records. Read on to learn the measures you can take to get your free credit report.

How to Get Your FICO Credit Score

How to Get Your FICO Credit Score

Today we will unveil everything you need to know about FICO, and how to make it work for you.

Guide to Understanding Credit Scores and Score Ranges

Guide to Understanding Credit Scores and Score Ranges

Guide to Understanding Credit Scores and Score Ranges. Today we are breaking down the basics of credit scores and how they are evaluated. 

How to Keep a Good Credit Score Without Debt

How to Keep a Good Credit Score Without Debt

What Are 5 Things You Can Do to Avoid Credit Card Debt?. Read on to learn how to keep a good credit score without debt.    

Why Does Checking My Credit Score Lower It?

Why Does Checking My Credit Score Lower It?

This article explores everything you want to know about checking your credit history and its impact on your credit score

How Far Back Do Mortgage Lenders Check Credit History

How Far Back Do Mortgage Lenders Check Credit History

Some may ask, how far do they go with these checks? What are the nitty-gritty of these mortgage loans? Well, we are about to find out more. 

How Does Your Credit Card Impact A Credit Score?

How Does Your Credit Card Impact A Credit Score?

What Is A Credit Score In South Africa

What Is A Credit Score In South Africa

In this blog post, we will look at the major questions about credit scores pertaining to South Africa.

How to Get Quick Cash When Your Credit Score is Low in South Africa

How to Get Quick Cash When Your Credit Score is Low in South Africa

How to Get Quick Cash When Your Credit Score is Low in South Africa. Today, we will explore some of them with you.