Are you in the process of your credit restoration? Remember, it’s not only you who suffers from bad credit reports, but there are numerous out there. While trying to fix your credit, you may tend to make some mistakes. This is the article for the beginners who are more likely to make some mistakes in the process. Read, understand, and avoid them in your credit repair journey…
Don’t Talk to Debt Collectors:
You might have been harassed by your debt collectors. But, we would ask you not to talk to your debt collectors directly. Ask them to send it to you in writing. This is the first step you need to be in doing while trying to fix your credit.
Agree only when it is written:
This is the mere continuation of the above point. When your debt collector, don’t try to make any agreements. Remember, all your correspondence should be in a written format. In this, we would advise you to make use of Snail mail because you can send letters through registered mail with delivery reports.
Don’t go for Credit Card Closing:
This is the common mistake everyone tends to do. You might be thinking that closing the accounts would improve your credit score. But, it’s not true. Most often, closing these accounts would actually affect your credit score even further. The best way is to keep these accounts and try to remove the late payments from your report.
Don’t apply for Credit Cards:
I am sure that you will be aware of this, but still, we want to mention it here. With a bad credit, you won’t get approval for the major credit cards. Also, when you are applying it would result in “inquiry” entry and will be recorded on your report. Remember, one or more such entries would affect your credit score and so, just don’t go for it.
Now, you should have understood the things you must not do while trying to improve your credit. If you need a professional help in this regard, feel free to contact us.