Fixing Credit: Debunking Common Repair Fables

The information available for fixing credit is misleading in regards to what can be done to increase your score. Many individuals assume that closing an account or paying a loan in full will lead to immediate improvements. Quick repairs are not common and actions like these sometimes have a negative effect on this reported number. Three items improve the overall status of credit:

  • Positive Payment Practices
  • The Right Credit Type Variety
  • Time

Quite a few individuals attempt to make repairs based on information that does not create the results being sought. Opting out of card offers to prevent inquiries really has no significant impact. These inquiries are considered to be “soft” meaning they are not part of the report evaluation. “Hard” inquiries are included when your score is used during the application process of a loan or card. Additional credit creates a higher risk and lowers your score. While it is assumed, you cannot add a large amount of “soft” inquiries to bump the detrimental ones off. Closing old accounts can actually harm this number by shortening the evaluated history and lessening available credit. An extended history helps an institution or card company determine your steady progression of credit.

Fixing credit by opening many new accounts creates more hard inquiries and makes a creditor wonder why the additional funding is necessary. A large quantity can give the impression of a financial hardship situation where you are having trouble covering bills or other necessities. Bringing a delinquency current does help your score, but will not repair it overnight. Delinquencies remain on the report long after the balance has been zeroed out. Seven years is the average length of time derogatory data remains on reports. Paying off an account will decrease available credit when too high, but does not alter the score in other scenarios. If available credit is within reasonable range, it is best to keep it in good standing by continuing to make payments on the set dates. Begin the repair process by making payments on time and taking actions to reduce the amount of risk posed to inquiring lenders or creditors.

TURNSCOR is the industry leading Credit Repair Company that will asssist you in Fixing Your Credit.

No need to invest hundreds or thousands of dollars to pay a lawyer or third party to do what you can do for yourself. This was the sole reason we developed TURNSCOR. The major credit bureaus and creditors would like for you to remain uninformed, thus allowing them to charge you higher rates of interest based on your personal credit scores. This reason alone makes it very difficult to build wealth without a high credit score. Get started today.