It’s  time to improve your credit score, now that a federal report found Floridians have  more money to pay down debt, thanks to more overtime, raises and new jobs.
A higher score can help Floridians grab a lower interest rate on loans and credit cards.
T.  Rowe Price, an investment management company with a Boca Raton, Fla.,  office,  reported that consumers with high credit scores can save as much as $300 a month in a lower  house payment on a $300,000 30-year, fixed-rate mortgage. That’s because good credit risks are rewarded with a lower interest rate — in some cases more than 1.5 percent less.
Here are five ways to improve your score, according to T. Rowe  Price:
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Get into a habit of paying down debt. And don’t think you have solved  your debt problem by moving it around. Moving balances can actually hurt your  score.
Make interest payments on time. Lenders like to see a  history of  responsible paying. You might want to consider automatic payments if you forget  about those monthly bills.
Don’t open new accounts too rapidly if you have a short credit  history. Too many new accounts can lower your score.
Don’t close unused accounts — the longer you’ve had a line of credit open, the better.