Do and Don'ts of Credit for Millennials

• DO use your cards for small purchases consistently, and pay it off in full each month. It can build up a good credit record.
• DO create a strategy to pay off your student loans in full and on time each month – this information is recorded on your credit report.
• DO fix late payments as quickly as possible. Everyone makes mistakes from time to time – but soon as you realize one is late, promptly pay it off. If proper action isn’t taken, the delinquency could affect your credit report for up for ever.
• DO be patient. Acquiring healthy credit doesn’t happen overnight. There are no shortcuts to establishing good credit, but your long term investment in your credit health will pay off down the road.

• DON’T skip a tax bill payment, as deferred payments are factored into your report.
• DON’T sign up for credit cards in exchange for trinkets like a coupon. New enquiry from financial institution will affect your score.
• DON’T carry a big balance, even if you’re able to pay it off. Your score may falls when you use more than 30 – 50% of your available credit.
• DON’T cancel your old credit cards. Closing unused, inactive or existing credit cards can reflect negatively on your credit history. Instead, keep your credit cards open and use them for small purchases that you can pay off on time.

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