Your credit card score is vital. A number of banks and other financial lenders use it to determine if you are risk worthy. Aside from that, it also affects the amount of interest you’ll pay on your loans. Nowadays, even insurance companies are relying on credit card scores to make informed decisions about you. In a nutshell, your credit score has an impact on your life.
A good credit card score gives you financial freedom. For instance, you are sure of getting loans at a lower interest if banks are sure you’ll pay up. On the other hand, a low credit card score can put your life in jeopardy.
Here are some of the things that affect your credit card score.

Regular and On-Time Payments

Making regular and on-time payments shows a high level of commitment to your lender that you are willing to pay back the amount loaned, which is reflected as extra points on your credit report. As such, it is essential that you make any due payments on your credit card on time.
However, failure to make timely payments will deduct points from your credit card score meaning you’ll have a hard time convincing a lender to give you money.

The Age of Your Credit History

The age of your credit card contributes close to 15% of your total credit score. Owning an old credit account is a bonus since it shows you are well experienced in managing credit. So, don’t close down that credit account as it will lower your credit age, thereby deducting some points off your score.

Number of Credit Inquiries

Every time you submit a request to inquire about your credit report some points are cut from your credit score. One or two inquiries aren’t bad and won’t hurt your score that much, however, avoid making too many inquiries especially in a brief space of time, this will deduct some points.
Additionally, making a soft inquiry to check your credit report doesn’t affect your score. Still, all the same, you can visit and buy tradelines to help boost your credit score. Besides, you will also get help from professionals on how to best to manage your credit.

Opening New Accounts

Opening too many new accounts all at once puts your credit score at risk. This could be a sign that you are experiencing some financial challenges and you could be taking on new debts.

Your Debt Matters

Your credit score does take a substantial hit if you have huge debts. Nonetheless, this is subject to change once you start paying off your debts. According to financial experts, always try your level best to keep your credit card expenses below 30%.

Having Different Types of Credit Accounts

Mixing different types of credit accounts on your credit report is always a plus for your credit score. Similar to your credit history, it shows that you are well experienced in matters of managing your credit.