1. Paying late is one of the worst habits that you can get into. Not only will it mess up your credit score, but it will cost you money (in late fees and interest). Always pay on time.

2. Paying early will not balance out a late payment. While paying early will guarantee that the payment it not late it will not effect your credit rating.

3. Too much credit is not a good thing. The more open accounts you have the more apt you are to use them. Having a large number of open accounts can also cause a negative mark on your credit score. Be sure that you close any accounts that you are not using so that they no longer show up on your credit report.

4. Applying for too many credit accounts will decrease your credit rating. Every time you apply for credit, your credit history is checked. This makes a mark on your credit report and will negatively impact your overall credit score. The only exception is if you apply for a number of similar loans but only open one account (like looking around for the best mortgage deal).

5. Pay off your account in full instead of settling with your lenders. Settling not only impacts your credit score but it will also affect your taxes for the year that you settle.

Keeping your credit history clean and your credit score high is not that difficult. You simply need to use your credit wisely and always pay back what you owe.