It's not uncommon for people to have difficulty handling credit, especially when they're just starting out. Late payments, calls or letters from credit agencies, and denied or revoked credit, are all signs that your good credit history may be in jeopardy. Know your limit. Always keep a running balance of your approximate current charges in your head. Reduce or suspend card usage well before you reach your limit. Remember to save some credit for emergencies. And keep in mind that a bad credit rating can have serious negative consequences down the road. If you can't make your payments, don't panic. Contact your creditors immediately. They'll want to work with you, and together you should be able to figure out a realistic payment schedule.

Source:http://:www.credit-factor.com