Common Mistakes People Make When Trying to Repair Their Credit
One of the most frequent questions we get is, “Can I fix my own credit?”. The short answer is, yes. The more complicated answer is, there is a lot to know about credit scores, how credit works, communicating with credit bureaus and how it all relates to your own personal credit situation. If you’re not familiar with how it all works and how certain actions can affect your score, you can actually do more damage than good. While there are plenty of things you can do to help improve your credit situation, there is also a laundry list of things that you should avoid at all costs.
Don’t Contact Your Creditors without Consent
If you’re in the process of disputing items on your credit report, contacting your creditors at the wrong time is great way to set you back in your efforts. Many people get the idea that trying to settle debts or negotiating with creditors while their disputes are in progress is a great way to kill two birds with one stone. While this seems like logical reasoning, this can often times lead to detrimental setbacks in your credit repair process if you’re timing is off.
Don’t Open New Lines of Credit
If you are working on increasing your credit score, it is important to realize how a new line of credit affects your credit score in the short-term and the long-term. That being said, if you’re looking to qualify for a mortgage loan within the next 60 days and need points, this may not be the best course of action depending on your situation.
Don’t Rack Up More Credit Card Debt
Many people view their credit limit as the amount of money they have readily available to them. While this has some truth to it in a sense, it isn’t the proper way of thinking when it comes to establishing credit worthiness or managing your finances. Maximizing your score requires you to show how responsible you are with your finances. Rather than spending more, start by paying down balances that you currently have. Overall, keeping your balances low and maintained will lead to a higher score.
Don’t Pull Your Credit While Disputing
Without a doubt, it will be a temptation to pull your credit while you are in the dispute process. Fight the urge to pull your credit report repeatedly in order to check on changes in your score. It is going to feel like you are working endlessly to clean up our credit and to improve your score, but pulling your credit report will only deduct points you’ve worked so hard to get back. Remember that patience is most certainly a virtue when it comes to restoring your credit.
Don’t Make Late Payments
Making a late payment is one of the most detrimental things that could happen while you are working on repairing your credit. More often than not, late payments occur due to forgetting about the payment due date rather than a lack of funds. Avoid unnecessary late payments by setting up automatic bill pay where you can. Your credit score reflects how responsible you are with your debts and your ability to repay what you have borrowed. If setting calendar invites or reminders helps you to be more responsible, by all means, do it.
While this list can help you improve your credit score, it is by no means all-inclusive of what is required to repair a credit score. At Tru Path Credit, we are committed to providing quick and efficient service brought to you by 20+ years of credit repair experience. Teaching you how to improve your credit score for the future is our priority. We offer our services at an extremely competitive price and alleviate you from the headache of making mistakes commonly made by those who choose to repair their own credit. Click the button below to learn how to get started today.