5 main mistakes when trying to solve a problem with a loan - ForumDaily
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5 main mistakes when trying to solve a problem with a loan

If you have opened too many credit lines, you should act with the utmost discretion, without making hasty steps that can only harm the situation.

Photo: depositphotos.com

In the event that your credit rating has significantly decreased, you must carefully check your credit history and determine a plan of action to improve the rating.

What mistakes should be avoided?

Audit Reporting

A very common mistake is that people do not always check their credit reports. This must be done regularly. Plus, when you can get free reports from each of the three bureaus that provide credit reporting online through AnnualCreditReport.com.

Search for errors

Every fifth consumer faces at least one error in their credit reports, according to a study by the Federal Trade Commission for the 2012 year. That is why it is necessary not just to run through the figures contained in the documents, but carefully check them for the content of errors. If you find something, you need to write about it by mail in the name of the relevant credit bureau.

Card closure

Paradoxically, the decision to close your credit card not only does not help you improve your rating, but can lower it further because of the reduction in your credit history and the credit available to you at the moment. It is best to keep your debt level up to 30% and, ideally, about 10% of the total amount of your loans, as well as to pay your bills on time.

New loans

The desire to get new loans in large numbers in order to improve your rating can turn into a boomerang effect and hit you even harder. Especially in the case of a mortgage loan, car loan or student loan. In the long run, it is better to act gradually, adding credits in a timely manner.

Restructuring of loans

You can hire a company to provide loan restructuring services on your behalf. It is important to find a reputable company that will not promise you a “100% increase in your credit rating.” This is illegal and no one can guarantee it to you. Help is especially needed if there are errors on your credit reports or in situations such as property division in a divorce or identity theft.

Read also on ForumDaily:

How to properly collect your credit history

How to check your credit rating

How does a monthly credit card payment affect your credit history?

Tip of the Day: Three Easy Ways to Improve Your Credit Score

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