PHOENIX (KPHO/KTVK) –

How credit-score savvy are you?According to Bankrate.com, lots of peoplemany individuals do not understand which elements can injure their credit score.Four in 5 people surveyed did not knowunknown a high balance injures your credit scorecredit report, even if you make your payments on time.76 percent of individuals do not understand that closing old accounts when you not use them will harm your credit ratingcredit report. Ifyou do, you desirewish to make sure to enhance your credit limitationcredit line on your other cards.Only 30 percent of individuals correctly answered that having simply one charge card can keep back your score.Theres a complex matrix thats included that credit

business will make use of to determine your credit scorecredit history, said Michael Carlin with Wealth Management LLC.

He said a credit ratinga credit report in the 700s is great; 800s is ideal.Dont be scared of having too numerous charge card, thats not always a bad thing, Carlin stated. Don’t be scaredhesitate to use your charge card for purchases

. Just make certain youre not overspending.He also said go to the free sites a minimum of once a year to see your credit report.You could pay thousands, if not 10s of thousands more simply to buy that same automobile by having poor credit, Carlin said.Your credit scorecredit report can

drop in a hurry; it does not increase as rapidly when you do something right

, stated Michael Sullivan with monetary counseling non-profit Take Charge America. When people are not reasonably skilled in dealing

with credit issues, it has a big impact on the economy, and we have actually seen before it can lead to bubbles; it can result in a recession.Copyright 2015 KPHO/KTVK(KPHO Broadcasting Corporation). All rights reserved.