Many Florida residents know that consumer credit card debt is one of the first things to pile up during tough financial times. At the time when a job is lost or a medical bill arrives in the mail, consumer debt is the easiest thing to put on the backburner while working out one’s finances. Since credit cards don’t have collateral attached like a mortgage or a car loan, many families choose to let payments lapse on the credit card rather than the car that they need to get to work.
However, these difficult decisions that might seem temporary at the time can have lasting effects on a credit score. Getting debt back on track and repairing credit is often much harder than it sounds, but it turns out that many people with high credit scores follow some of the same simple financial principles that may be helpful to those working on rebuilding their credit.

One thing that many people with high credit scores (785 or above) generally do is keep a low balance on each of their credit lines. Not making out any single card and continuing to make on-time payments even in small amounts can help maintain good credit even when cash flow is low.
95 percent of the people who fall into this high credit score category have no missed payments on their credit reports. While this may seem impossible, remember that the minimum payments even with a high balance can often be as low as $25. Making that relatively small payment on time each month can help prevent the card from being revoked and the debt sold to a collector.
More information on rebuilding after high consumer debt piles up is available on our Orlando credit card debt page.

Source: The New York Times, “Secrets of High Credit Scorers,” Ann Carrns, Nov. 6, 2012