The mistakes listed below are geared towards individuals with poor to mediocre credit scores. If you are one of the fortunate individuals with a credit score of at least 700, any tweaking that you do will tend to have very little impact on increasing your score. Moreover if you are among the few with a credit score of 760 or above you may be able to squeeze out a few more points but nothing major.
Mistake #1 - Attempting to have a creditor lower your credit limits. This will reduce the crucial gap between your balances and your available credit, which will defiantly damage your credit scores.
Mistake #2 - Making a late payment. Late or missed payments will destroy good scores more than bad scores - dropping 700-plus scores by at least 100 points or more.
Mistake #3 - Consolidating your credit card accounts… Bad move! Statistics show that one should avoid concentrating their credit-card balances onto a single card. Its better to have smaller balances on a few cards than a big balance on one. Nor is it recommended to transfer your balance from a high limit card to a lower one.
Mistake #4 - Applying for new credit when you have more than enough. Choosing to get an installment loan can help your scores IF you dont have any installment accounts or your trying to rebound from a credit disaster such as bankruptcy.
If you avoid these common mistake you will save yourself a lot of trouble when trying to improve your credit scores. There are other things that you could do to achieve an excellent credit report, if you are willing to spend 3 minutes a day watching some free online videos…
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