How to Protect Your Credit Score
Your credit score is important — it impacts whether or not you can qualify for loans and what interest rate you will pay. That’s why it’s critical for you to protect your credit score… but where do you start?
First, it’s a good idea to monitor your credit regularly for unexpected changes. It can be quite simple, because some banks and credit card providers show your FICO® credit score on your statement for free.
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Second, set up automatic payments, through online bill pay, to help ensure all your bills are paid on time. Your payment history typically accounts for a third of your credit score, meaning every missed or late payment can have an impact on your credit.
We’ve all had that moment when you find a bill under a stack of papers and realize you’ve almost missed the deadline.
Setting up automatic payments is a great way to eliminate human error from the bill payment process while saving time and avoiding late fees.
Third, manage how much of your credit line you use. Using too much of your available credit can hurt your credit score.
So consider making additional payments to reduce how much of your credit line you’ve used.
You can protect your credit score by: First, monitoring your credit as part of your monthly routine. Second, setting up automated bill payment. Third, managing your credit line.
And by protecting your credit score, you can help yourself afford the things that are important to you.
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