Good credit can be your best friend. If you want to buy a home, the better your credit, the better your mortgage interest rate. A few points on your credit scores can save you thousands of dollars over the life of your home loan.

Please check back often for more info and updates on building, maintaining, and protecting your best credit rating.

Here are a few hints for squeezing the most out of your credit cards and credit scores:

1) Always pay more than the minimum on your monthly credit card payments. Even if it's only a few dollars, it shows up on your credit card account as "paid more than the minimum." Rounding up to the nearest $10 shouldn't break the budget, makes you look good on paper, and simplifies the math when you balance your checkbook.

2) Don't pay off a delinquent account. Get current and stay that way for at least 3 months, then pay it off. Otherwise, you may look like a deadbeat to someone reading your credit report.

3) Keep your balances at around 50% of your credit limit. If you get too close to being maxed out, lenders start getting nervous. Getting a new credit card and transferring balances from other cards can help if you're careful, but too many open accounts can also work against you, so if you already have too many credit cards, don't try this idea.

4) Don't apply for credit unless it's absolutely necessary. Credit reporting agencies keep track of inquiries. If you have too many, it looks like you might be getting desperate. This is especially true if you need to make a major purchase, such as a car or house. Wait until after the important deal closes to apply for any other credit.

5) Evaluate the risks before closing an account. Sometimes it seems safest to close an account to eliminate temptation or keep unauthorized people from using your credit card, but it does look bad on a credit report. It isn't fair, but people who read these reports automatically assume that if an account has been closed, it was because you abused it. Your best bet, here, is to plan ahead. Wait until after a major credit purchase to close accounts, rather than before.

6) To minimize the risk of identity theft, leave your social security card and most of your credit cards in a secure location. Only carry a couple of credits with you. This greatly reduces the risks and inconvenience if your wallet gets stolen.

7) Be careful of too many credit cards. Sometimes this makes lenders nervous and the number of open accounts you have shows up on your credit reports. Even if your balances are low or zeroed out, if your total credit line is greater than your income can support, lenders worry that you could go on a buying spree and get yourself into trouble. Since closing accounts also counts against you, the best practice is to turn down all but the very best offers for credit cards, so you'll have a nice credit cushion for emergencies.

8) If you're new to the credit game, pay promptly and put off major purchases as long as possible, to give your credit scores time to grow. Many places offer loans to people with no or poor credit, but the terms won't be nearly as desireable as they are for people with good and well-established credit.

For more information, visit this award-winning website about credit cards:

CardRatings.com