According to a report published by Experian at the end of 2013, young adults aged 19 to 29 had an average credit score of 628 — more than 50 points lower than the national average and the lowest of all the age groups. If you’re a millennial, maybe you’re trying to avoid debt like the plague by staying away from credit cards. Or maybe you rely on a credit card when money is tight, but you have trouble keeping up with the payments. Either way, your credit score might be negatively impacted.

Your credit (or lack thereof) might affect you in the near future more than you realize. Banks, credit unions and auto dealerships decide whether to do business with you based on your credit history. If these guys don’t trust you enough to give you a loan, you might be unable to make big purchases such as a home or a car.

There is good news, though: your credit is constantly evolving. In fact, any time a lender requests your credit report, a new credit score is created with that report. While your credit can be improved at any time, you have to put in the effort to build a strong credit history.

20 Ways to Improve Your Credit Score

1. Pay all your bills on time.

A good payment history is a large factor that can determine your credit score. Creditors can report just one late payment 30 days past due, and that’s enough to ding your credit score.

2. Never ditch a phone plan or utility bill.

While cell phone plans and utility accounts do not routinely report your on-time payments to the credit bureaus, they can report a default. That default can stay on your credit report for up to seven years.

See the other ways millennials can improve their credit scores on GoBankingRates.com! 

Posted in Credit