1. Never pay 30 days late on an open account. One 30 day late payment will drop your credit score 100 points OVERNIGHT! This takes at least 12 months to recover from.
2. Keep all your credit card balances below 50% (30% is optimal) of the available credit limit. The bureaus will lower your credit score by as much as 30-60 Points just because you are maxed out on your credit cards even if you are paying on time.
3. If you have no open trade lines you will have a credit score of N/A. You can get a secured credit card to help you build credit. You can go to http://www.andorracreditrepair.com/ for a list of secured cards. You should have at a minimum 3 open trade lines at all times.
4. Opt out of all the prescreened offers of credit and you can also possibly boost your credit score a few points all at the same time. Go to http://www.optoutprescreen.com/ and opt out for 5 years.
5. DO NOT pay off collections that are over 24 months old. This will update the DLA and it will end up lowering your credit score. It is fine to pay off anything that has come on in the last 24 months, which will improve your credit standing.
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