If you take steps to build up your credit now, it will be quite advantageous for you in the future. If you want to improve your credit scores, you’ll have to stop making late payments. You should also pay off your past due bills in full. In order to reduce your outstanding debts, you should pay off your high interest debts before paying off the low interest ones. You should keep your balances low and make sure not to close your old or unused accounts. If you want to close your old accounts, make sure you do it gradually. Sudden closing of accounts may have a negative impact on your credit report. If you’re opening a new account, then restrict yourself to a medium credit limit.