Want To Repair Your Credit Score – Avoid 4 Mistakes That Could Destroy Your Credit Rating
I have compiled a list of 4 common mistakes that you as a consumer must avoid. The list of mistakes below are geared towards those with poor to mediocre credit scores. If you are among the few that happen to have a credit score of at least 700 any tweaking that you do will tend to have less of a positive impact. However if you are among the few with a credit score of 760 or above you may be able to squeak out a few more points but nothing to right home about.
Mistake #1 – Requesting that a creditor lower your credit limits. This will reduce the gap between your balances and your available credit, which could hurt your credit scores.
Mistake #2 – Making a late payment. Late or skipped payments will devastate a good score more than it would a bad score – dropping a 700-plus score by at least 100 points if not more.
Mistake #3 – Combining your accounts… Not a good idea! If at all possible your should avoid concentrating your credit-card balances onto a single card. It is recommended to have smaller balances on a few cards than a big balance on one. Nor is it recommended to transfer your balance from a high limit card to a lower one.
Mistake #4 – Creating a new line of credit when you already have more than enough. Deciding to obtain an installment loan can increase your scores IF you dont have any installment accounts already or your trying to rebound from a credit disaster such as bankruptcy.
If you avoid these common mistake you will save yourself a lot of trouble when trying to improve your credit scores. There are other things that you could do to achieve an excellent credit report, if you are willing to spend 3 minutes a day watching some free online videos…
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