Credit Repair Mistakes to Avoid

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DECS-WE KILL DEBT
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Credit Repair Mistakes to Avoid

• The amount of time and effort youll spend on
  your credit repair efforts can vary based on the
  severity of your situation, but whether youre
  new to credit repair or want to improve upon what
  youve already done, its important to avoid
  common mistakes to get the best results possible.
  If you want your credit rating back in good
  standing, here are some of the most common credit
  repair mistakes to avoid.

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1Not being persistent

• When you first begin your credit repair, it can
  seem like a long process. Its easy to get
  frustrated and give up. Keep in mind that when
  your goal is to have a clean financial slate, it
  will take time. The good news is that once your
  debts are paid off, they stay gone. If you give
  up now, they will always be there waiting for you
  when you decide to try again tomorrow!
• Not having a plan Writing down all of your debt
  information on paper helps make things more
  manageable. Keeping track of which creditors you
  have already contacted is also crucial because
  each creditor has its own set of rules regarding
  communication and payment deadlines. Figuring out
  which strategy will work best with each creditor
  allows you to ensure that all of your bases are
  covered.

2Thinking you can do it on your own
Credit repair can seem like a quick and easy fix.
After all, all you have to do is fix a few errors
on your credit report, right? Unfortunately, its
not that simple. It takes time and moneyand if
youre going at it alone, theres no guarantee
you wont break any rules. If you want to correct
your credit, find a reputable company to work
with these agencies are more likely than DIYers
are to know what theyre doing and stick within
legal bounds. There is no doubt youll come out
better off in terms of cost and convenience.
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3Not having a plan

• Your credit isnt likely your only financial
  problem, so dont plan to tackle it all at once.
  Instead, create a plan of attack and stick with
  it. For example, set up automatic payments on any
  delinquent bills you can afford and then work on
  paying off any other debts before setting up more
  automatic payments. This will prevent you from
  spreading yourself too thin and losing focus.
• Not creating an organized system This is just
  another way of saying that organization is key to
  repairing bad credit. From sorting out documents
  (those piles arent going anywhere) to having
  lists of creditors, accounts, and due dates
  handy, staying organized makes it easier for you
  to work toward your goals.

4Making a payment late on purpose
Late payments are a major factor in credit
scores, so it can seem smart to make payments
late on purpose if youre trying to repair your
credit. However, making payment even one day late
is an automatic ding on your credit score and
isnt worth a possible hit of up to 10 points. If
you can do it responsibly, make all payments on
time! Delinquent accounts have similar effects
having just one delinquent account associated
with your name could be enough for lenders to
assume you dont pay your bills and cause them
not to work with you at all. With credit as tight
as it is today, why risk being denied when you
can keep every account in good standing?
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5Failing to pay bills for a long time

• Theres no quick and easy way around late
  payments. You need to start paying your bills on
  time, every time. The longer you let bills go
  unpaid, the more they will affect your score (5
  points per 30 days of late payment). Set up
  automatic bill pay through your bank, or use a
  service, if it will make it easier for you to
  remember and set them up right away. Or consider
  paperless billing to cut down on mail clutterand
  forget about paying bills by phone or online
  these are not considered timely payments, which
  can hurt your score.
• Failing to dispute mistakes promptly If there is
  an error in one of your credit reports, get in
  touch with that bureau and make sure its
  corrected as soon as possible. Missing
  information is one common mistake incorrect
  information is another.

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6Keeping bad credit habits going

• The biggest mistake you can make when attempting
  to repair your credit is not changing your
  spending habits. If youre running up high
  balances on multiple credit cards, get serious
  about putting a stop to it by making one card
  your last resort. Pay off that card in full each
  month and youll see big changes in your score
  (for the better!) within just a few months. You
  may also consider working with a credit counselor
  or financial planner who can help with budgeting
  and debt consolidation options.

7Doing it all by yourself, instead of hiring help
The biggest mistake you can make when attempting
to repair your credit is not changing your
spending habits. If youre running up high
balances on multiple credit cards, get serious
about putting a stop to it by making one card
your last resort. Pay off that card in full each
month and youll see big changes in your score
(for the better!) within just a few months. You
may also consider working with a credit counselor
or financial planner who can help with budgeting
and debt consolidation options.
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8 Trying too hard to get more credit when you
dont need it yet

• You probably know that having more available
  credit can help your score, so its tempting to
  take out a loan or open up a new line of credit
  when you dont need it. Before you do that,
  though, check your credit reports. You might find
  something suspicious, like an error or
  over-the-limit charge on one of your accounts.
  The last thing you want is for that account and
  its mistakesaccidental or otherwiseto affect
  your credit score while youre working so hard to
  improve it.
• So be smart If opening a new line of credit
  would push you over your limit on other accounts,
  forget about it until those other accounts are in
  tip-top shape.

9 Getting mad at yourself when you make mistakes
If youre learning how to repair your credit for
the first time, then theres a good chance youll
make some mistakes. It happens. No one is perfect
and even those who have done it dozens of times
before still find themselves making mistakes now
and again. When it comes to credit repair, dont
let yourself get down on yourself when something
goes wrong or when you make a mistakeit wont
help you learn how to fix your credit faster.
Instead, embrace each error as an opportunity for
growth and move on quickly so that nothing gets
in your way of getting out of debt faster.
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10 Failing to keep a good attitude about things
and accept your situation

• If youre going through a rough patch financially
  and your credit is damaged, its easy to feel a
  deep frustration. You may feel like you didnt do
  anything wrong but just ended up in an unlucky
  situation, or maybe you made some mistakes that
  contributed to your bad credit. Dont let
  yourself fall into despair if your hope
  disappears, so will your ability to deal with
  things and find solutions. Remember that help is
  availablefrom friends, family members, and even
  charitiesand use it. The best way to get back on
  track financially is by maintaining a good
  attitude toward things and having confidence in
  yourself as well as faith in humanity dont lose
  those now just because of bad credit.

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