Here is a list of 10 errors not to commit when you take the steps to repair your credit:
1 - Do not repair your credit
The biggest mistake is always postponing to later. Because even though most negative effects will gradually fade out of your record after 7 years, time can seem very long with bad credit.
2 - Any challenge to your credit report
This is a tactic employed by too many credit recovery companies. It is simply not credible to do so. If you dispute too many elements, the credit bureaus will not believe you.
3 - Hire a Credit Recovery Company
These companies generally do not have the reputation of bringing good results. They often make promises they can not hold from a legal point of view. In the end, you are better off saving money and doing it yourself.
4 - Canceling a credit card
Many people do not realize that closing a credit card account can have negative effects on the credit score, especially if it is a credit card with an amount to pay or one of Your oldest cards. Canceling a credit card will not help your file, so think twice before doing so.
5 - Transfer the balance from one card to another
By transferring the balance from one credit card to another, you are only delaying the inevitable. Sooner or later, the costs and interest incurred will catch up with you. The situation will then be worse than it was at the beginning.
6 - Destroy your credit cards
Cutting scissors a credit card may represent the solution for many people. But without them, you might have difficulty redoing your credit quickly, because the proper use of a credit card can help you during the credit repair process.
7 - Paying some accounts and not paying others
Prioritizing payments is a good idea. But missing other payments is not one. If you want your credit to improve, you should not skip payments. But if you had to choose between paying an active account and an account that goes to a collection agency, pay the current account. Because in any case, the evil is already done for the account that is in collection agency.
8 - Do not send payments by certified mail
When you send letters to credit bureaus, collection agencies, or your creditors, you should always do so by registered mail. Mandatory signature at destination is proof that the courier has reached his destination.
9 - Do not check your credit report
Before taking the steps to repair your credit, you should first check your credit report. By analyzing the situation, you will be able to define which accounts will be prioritized.
10 - Declaring bankruptcy
You should not use bankruptcy as a way to repair your credit. Because going bankrupt will not help your credit record, on the contrary, you are going to have a bad grade on your record for nearly 10 years. A stain to your file that can even last longer.
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