Credit Scoring Secrets Revealed

The credit fixing process is very delicate since you are trying to do anything in your power to boost your credit scores. However, there are 3 critical things that will completely destroy your credit score and set you back much further than where you started.

With this in mind, here are the 3 deadly credit fixing mistakes that will sabotage your credit score.

Mistake 1 - Closing Your Credit Card Accounts

Many people in the credit fixing process are under the impression that closing their credit card accounts will help them boost their credit scores. That couldn’t be further from the truth.

The minute you close your accounts you lose both a trade line on your credit and the total amount of years of credit you had with that account.

Mistake 2 – Not Keeping Proper Track Of Your Bills

This is a big one because once you skip a payment and the account goes over 30 days past due, you could expect the credit reporting agencies to give you a 30 day late on your credit report.

The truth is it doesn’t matter if you lost, misplaced, or never received the bill – it is your responsibility to pay that account and failure to do so will definitely hurt your credit score. When you are trying to fix your credit, it is a must to keep track of your bills to make sure they are paid on time.

Mistake 3 – Applying And Acquiring Many New Accounts At Once

You may be asking yourself, “Isn’t it important to have credit to get a good credit score?” That’s true, but if you get it all at once, a few things happen. First, your credit score will drop because of the many credit inquiries that were made.

The second and more critical effects of acquiring new credit all at once, especially when you are in the credit fixing process, is that the age of your credit will dramatically decrease.

Let’s say you had 3 credit cards that you’ve had for the last 3 years. The average age of your credit is 3 years. However, let’s say you just received 3 new cards this month; the average age of your credit has just dropped to one and a half years. The length of time that you’ve had credit is very important to your credit fixing process and credit scoring overall.

So there you have them, the 3 deadly credit fixing mistakes that will sabotage your credit score. Don’t fall into these traps or your credit score will be damaged and it will take you much longer to get everything back in order.

With a little bit of knowledge about what you should and shouldn’t do to fix your credit, your high credit score is more achievable than you think!

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http://creditleaper.com

This is a video that shows a little known tactic on credit repair

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Fixing bad credit takes time, but obtain your credit report first and check for accurate information. Learn how to fix bad credit from a credit counselor in this free personal finance video.

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http://ccrc02.tripod.com/learnhowtofixyourcredit/

Easy Credit Solutions is offering a free credit repair manual to American consumers. Our mission is to educate people so they can learn how to fix their own credit. No one is going to care about your credit anymore than yourself.

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http://ukcreditsecrets.co.uk - Credit repair is easy when you know how your credit file works and is used against you.

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http://ccrc02.tripod.com/learnhowtofixyourcredit/

Easy Credit Solutions is offering a free credit repair manual to American consumers. Our mission is to educate people so they can learn how to fix their own credit. No one is going to care about your credit anymore than yourself.

Duration : 0:6:51

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Well if it was done properly and by a reputable agency, then you may be able to get a mortgage. But in truth, most credit repair agencies don't work. They stop the collections, but can do more harm to your credit score then anything else.

Remember this, mortgage brokers see a lot more in a credit report then even the owner does. There is a lot of information made available to only registered brokers.

Some credit repair agencies that charge a fee to improve your FICO score by removing negative, but accurate, information from your credit reports can do more harm. No one can force credit reporting agencies or lenders to remove accurate information from a credit report. Credit repair companies often take your money without delivering what they promise, or provide only temporary improvements of
your score, sometimes by removing accurate information that will reappear later.

As long as you can afford a large down payment (25 -30%) and keep the mortgage under 25% of your total monthly income, you should have no problems. But your credit score will determine your interest rate.

Hope this answers your question.

http://ccrc02.tripod.com/learnhowtofixyourcredit/

Easy Credit Solutions is offering a free credit repair manual to American consumers. Our mission is to educate people so they can learn how to fix their own credit. No one is going to care about your credit anymore than yourself.

Duration : 0:5:22

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