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If you have recently checked your credit score and you have been shocked by what you have seen (and not the good kind of shock!), you will be looking for different ways to make improvements. The good news is that your credit score is very much rectifiable. However, it does require a careful and considered approach. The last thing you want to do is make a mistake that is going to set you even further back on your quest to achieve a better credit rating. With that being said, let’s take a look at some of the most critical mistakes you need to avoid when trying to build your credit score up again.

Missing a payment – There is only one place to begin, and this is with missing a payment. This is undoubtedly the worst thing you can do. A missed payment will stay on your report for six years, which means you will struggle to get credit within this time frame. If you have too many payments to make and you are finding it difficult to keep a track on everything, you may want to read up on how to consolidate debt. This will make it a lot easier for you to keep on top of your payments to ensure you do not fall any further behind and make the situation even worse.

Making more credit applications – A lot of people don’t realize that credit applications have an impact on their rating. Because of this, they make numerous applications simply to discover whether they would be accepted or not – trying their luck so to speak! This may seem like a harmless search, but it will stay on your report for six months and reduce your credit rating.

Failing to make your minimum payments – Dealing with one credit card at a time is a good approach. Most experts recommend dealing with the biggest debt first and working your way down. However, this does not mean you should simply forget about the rest of your debts. You need to make your minimum payments. This will ensure you are not subject to further fines while also protecting your credit report from further damage.

Closing your credit accounts – This may seem like a logical move, but it can actually cause damage to your credit score. This is because it reduces the average age of your credit accounts, which is a negative factor. If the average age of your accounts is less than 33 months, this will have a negative impact on your score, and so it’s a good idea to leave your account open once it has been paid off.

If you can avoid the errors that have been mentioned above, you can go a long way to improving your credit rating. It’s vital to make your payments on time and to fully educate yourself before attempting to improve your credit score. After all, although your intentions may be good, if you have a misguided approach, you could set yourself back years.