Consolidating debt to one credit card
And while you won’t get approved for a mortgage or other major loan without good credit, there is one form of revolving credit you’re probably already managing: your credit cards Misused, credit cards can get you into trouble.
But managed properly, credit cards are a powerful tool for proving your ability to handle debt.
Consistent and timely payments are the single most important thing you can do to improve your score. Use auto-pay for recurring bills when you can, or set reminders for a few days before bills are due.As long as you’re not paying exorbitant fees, keep unused credit card accounts open for now.Your oldest accounts establish credit history – another important factor in your FICO score. For one month, write down every cent you spend, including that cup of coffee or a magazine. Tally the expenses on the list and compare the sum to your monthly income. If you want to get your debt under control, start by figuring out your spending patterns and identifying unnecessary expenses.