A quick snapshot:
image from wsj.comThe article talks about things like, don't over-use your credit cards, and not to assume that things will come off your credit report after 7 years.
There were a few things the article didn't really hit on:
Credit Cards: The more cards you have, the lower your score will be. Also, higher credit limits will also bring down your score. Why? Your credit limits determine how much borrowing you can already do, and lenders have to assume that you can/will take advantage of that. They consider what your payments would look like if you did max out those cards when they determine your ability to pay them back. So, if you have a bunch of seldom-used cards, you should get rid of them to limit the amount of pre-approved credit that you do not need. One other thing, don't increase the credit limit on your current cards if you do not have to.
The other common piece of advice to help maintain your credit - make sure you don't fall behind on your "major" payments. These include your house payment, rent, and car payment. Try not to even be late when making these payments. If you fall behind & have to skip paying some bills, it is better to skip out on cell phones or credit cards.
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