Repair Credit Score - Avoid 4 Mistakes That Could Destroy Your Credit Rating

by Tim Beachum

These credit repair tips are geared towards those with poor to mediocre credit scores. If you have a credit score of at least 700 any tweaking that you do will tend to have less of a positive impact. Moreover if you are among the few with a credit score of 760 or above you may be able to squeeze out a few more points but nothing major.

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 missed payments will destroy good scores more than bad scores - dropping 700-plus scores by at least 100 points or more.

Mistake #3 - Consolidating your credit card accounts… Bad move! Statistics show that one should avoid concentrating their credit-card balances onto a single card. Its better 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 don’t 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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In as little as 3 minutes a day you could learn to repair your credit yourself.

Also, to get your free fico score, Free Triple Credit Score.