If it’s not too late to save your credit score from falling below that red mark, then by all means, put out all the stops to obtain a better grade. And don’t worry; you are not alone on this problem as over 30 million Americans today suffer from having less-than-stellar scores on their credit reports. It’s how you deal with it that matters most. Remember that the longer you put off working for a higher credit score, the more difficult it will be to accomplish.

Here are 7 of the most important don’ts of credit that you should avoid doing from now on:

1. Don’t put off paying the bills.

Whether it’s for the rental, your car loan, your credit card bill, or any other critical bills that could make an impact on your credit rating, be sure that you mail the check on time. Better yet, sign up for online bill pay to make it more convenient for you. Some banks may let you get away with late payments a couple of times, but don’t make it a regular thing. About one-third or 35% of your credit score is riding on your payment history.

2. Don’t max out your credit card.

Sure, the bank may have deemed you worthy of a $10,000-credit limit. But do you have to spend it all? Remember that any credit you can avail of from this piece of plastic is still a loan that needs to be paid, not a free ticket to unnecessary spending. Your debt-to-available-credit ratio accounts for a staggering 30% of your credit score so you’d want to keep your balance within 10% to 30% of your limit so as not to stand out (in a bad way) in the eyes of  your card issuer.

3. Don’t just pay the minimum on credit card.

Paying just the minimum amount due on your credit card bill barely scratches the surface of your total debt and will only serve to increase your balance, as interest charges and fees will continue to compound. As much as possible, pay off a significant portion of your total bill (if not the whole amount) every month until you are way below your credit limit and out of danger of a reduced credit score.

4. Don’t close old and unused credit accounts.

Here’s a false notion that many consumers learn the hard way: closing old, paid-off credit accounts that are no longer in use won’t make much of a difference. In fact, closing accounts can hurt rather help your credit score because it shortens the length of your credit history, which makes for 15% of your overall score. The longer your “good” credit history, the more creditworthy you are to the system and to creditors.

5. Don’t get lured by every attractive deal.

Let’s face it. Every bank or credit card company would want to get you as a customer if you are a good borrower, or have the potential to give them substantial income. While it is tempting to give in to the many offers that you are constantly bombarded with, don’t. New credit applications could influence 10% of your score, and you could end up mired up in all that debt. Switch cards only when you are looking to reduce your debt and can avail of a really advantageous deal such as a 0% balance transfer.

6. Don’t forget to read the ‘fine print’

While Pres. Obama is still working for a law that protects consumers from abrupt interest rate changes and undisclosed fees, you have to safeguard your own interests in the meantime. Always read the fine print to know what your bank’s terms are.

7. Don’t hesitate to consult with your creditors or a reliable debt counselor if you can no longer meet your payments

If you have already fallen behind in your payments and there’s little chance of getting your accounts current any time soon, consult a reliable, non-profit credit counseling agency for the best options of working out your debts with creditors. Alternately, you can also approach your creditors directly and explain your situation. You may be surprised at how many banks are ready to arrange a lighter payment scheme with willing customers, rather than lose the whole balance if the client files for bankruptcy.

Credit card interest rates below 10% are in short supply these days, but quite a few still offer rates below the national average of 14.90%, including the trio of options we’ve listed below. Keep in mind, however, that you’ll probably need a credit score of 700+ in order to qualify for the lowest rates.

Discover Motiva

Discover Motiva offers the best of both worlds – a decent interest rate plus a rewards program that offers a Pay-On-Time Bonus worth one month of interest after every 6 consecutive on-time payments you make. You’ll also receive a Cashback Bonus of up to 1% on purchases, plus a Cashback Bonus of between 5% and 20% when you shop online at their ShopDiscover site.

Introductory Rate:  3.99% for up to 6 months on purchases and up to 12 months on balance transfers.

Annual Fee:  None.

APR (Purchases):  10.99%

Cash Advance Fee:  3% ($5 minimum fee)

Grace Period:  25 days

Balance Transfer Fee: 3.99% for the first 12 months and 10.99% thereafter.

Late Payment Fee:  $19 on balances equaling up to $250 and $39 on balances equaling $251 or more.

Over-the-Limit Fee: $15 on a balance total of $500 or less and $39 on a balance total of $501+.

Minimum Finance Charge: $0.50

Emigrant Savings Bank Platinum Edition Visa Card

Along with a fairly low ongoing rate, this card offers consumers a much-needed break from paying interest on their purchases with a 0% Introductory Rate.

Introductory Rate:  0% for up to 9 months

Annual Fee:  None.

APR (Purchases):  9.99%-13.99%

Cash Advance Fee:  3-5% ($15 minimum fee)

Grace Period:  20 days

Balance Transfer Fee:  3% ($10 minimum fee)

Late Payment Fee:  $35-$39, determined by the balance amount.

Over-the-Limit Fee: $39

Minimum Finance Charge: N/A

Merchandise, etc. 

Blue from American Express   

Blue from American Express is a rewards card that allows you to earn points on card purchases through enrollment in Blue’s free Membership Rewards Program. You earn 1 point for every $1 you spend; you can also earn double points by shopping online with well-known retailers such as Apple and Barnes & Noble. Points have no expiration date and there is no limit to how many you can earn. Points are redeemable for travel, entertainment, merchandise and gift cards.  

Eligibility Requirements:  A credit score in the 680-720 range is needed to qualify for the card, and a higher score is required for the card’s lowest interest rate. 

Introductory Rate: 0% for 6-12 months, depending on credit history. 

Annual Fee:  None. 

APR (Purchases):  Ranges from 10.24% to 17.24%, depending on credit history. 

Cash Advance APR:  21.24% 

Grace Period:  20 days (if prior balance is paid on time in full) 

Balance Transfer Fee:  2.99% of the balance transfer amount ($5 minimum/$99 maximum fee). 

Late Payment Fee: $19 for overdue balances up to $399, $38 for overdue balances of $400+. 

Over-the-Limit Fee: $35 

Minimum Finance Charge: $0.50 
 

Cash Back 

Blue Cash from American Express   

A cash back rewards card with a decent interest rate, Blue Cash from American Express gives you 1 percent cash back on Everyday Purchases and 0.50 percent cash back on all other purchases that equal up to $6,500 in a given year. A year-to-date purchase total above $6,500 results in 5 percent cash back on Everyday Purchases and 1.5 percent cash back on other purchases. Everyday Purchases are card purchased goods or services made at U.S. supermarkets, gas stations and drugstores (not including superstores or warehouse clubs); cash back rebates are issued annually. 

Eligibility Requirements:  Like the first Blue rewards card listed, this card also requires a credit score in the 680-720 range to qualify, and a higher score will get you the lowest interest rate. 

Introductory Rate: 0% for up to 12 months, depending on credit history. 

Annual Fee:  None. 

APR (Purchases):  Ranges from 11.24% to 17.24%, depending on credit history. 

Cash Advance APR:  21.24% 

Grace Period:  20 days (if prior balance is paid on time in full) 

Balance Transfer Fee:  3% of the balance transfer amount ($5 minimum/$99 maximum fee). 

Late Payment Fee: $19 for overdue balances up to $399 and $38 for overdue balances of $400+. 

Over-the-Limit Fee: $35 

Minimum Finance Charge: $0.50 
 
 

Airline Miles 

Miles by Discover 

With the Miles by Discover card, you earn 1 mileage point for every $1 you spend, with no limit to the number of points you can earn. You’ll also earn Double Miles for the first $3,000 you spend each year on restaurant and travel purchases (including plane tickets, hotel rooms, car rentals, cruises and vacation packages) and 12,000 Bonus Miles the first year if you make a purchase each month during the first 12 months of card ownership. Mileage points do not expire as long as your account is active; otherwise, points expire in 3 years. Mileage points are redeemable for free airfare – 30,000 mileage points is equal to one round-trip coach plane ticket. There are no blackout dates and flights can be booked through any travel agent, airline or online travel site. Miles by Discover also lets you redeem points for gift cards, cash or a travel credit that goes toward other travel purchases. 

Eligibility Requirements:  A great credit score above 720 gets you the lowest rate; otherwise, a score above 680 to qualify. 

Introductory Rate: 0% until September 2009. 

Annual Fee:  None. 

APR (Purchases):  10.99% to 18.99%, depending on credit history. 

Cash Advance APR:  23.99%, plus an additional 3% fee (minimum $5 fee). 

Grace Period:  25 days.  

Balance Transfer Fee:  3% of the balance transfer amount until June 2009. 

Late Payment Fee: A $19 fee on overdue balances up to $250; a $39 fee on overdue balances of $251 or more. 

Over-the-Limit Fee: On balances up to $500, a $15 fee is charged; on balances of $501 or more, a $39 fee is charged. 

Minimum Finance Charge: $0.50

Travel rewards programs are common in the credit card industry but the Capital One No Hassle Miles Reward stands out. It gives 25% more mileage than other cards. A card holder earns 1.25 miles for every dollar they spend. There is no limit and no expiration to the reward miles. The Capital One No Hassles Miles Rewards also offers 9% intro APR on purchases until October 2009.

Meanwhile, the American DreamCard MasterCard is another notable rewards program. It is the only credit card that features “Pooled Rewards” lucky cardholders can win large monthly cash jackpots. Every $1 in retail purchases gives the card holder 1 entry to win in the prize.