Your credit score can have a big impact on your finances — particularly the amount of credit available to you. Credit scores are used by lenders of all kinds — including credit cards and mortgage companies — when they decide to lend you money.

Your credit score is not a static number and it changes frequently based on financial behavior. Late or missed credit card payments, foreclosure and maxed out credit cards all negatively impact your credit score. The good news is that you can take certain actions to raise your credit score.

“Find a relative or friend with good credit who is willing for you to become an authorized user on their card,” said Paul Lightfoot, president of Optima Asset Management.

“Once authorized, their account will show up on your credit report. You are essentially ‘inheriting’ the credit history of that account,” he added. “The other person’s account must have a good history of payments and an excellent balance ratio for this to succeed. This approach is ideal for young adults who do not have a long credit history.”

Read the article in it's entirety here.