9 Telltale Signs Your Credit Needs Repair
It’s easy to demonize credit card companies when you carry a high balance. No one likes owning someone else, not especially when you have to pay extra when paying it back.
The government had to step in with predatory lending with some companies, too.
Credit cards carry many positives from providing extra capital to consumer protections. Unfortunately, bad budgeting and financial mishaps can have negatives outweighing the benefits. Before long, one may need to seek credit repair services.
How do you know your credit card use began slipping into the negative territory?
Keep reading as this post covers quite a few signs you’ll need credit repair. And, what you can do to begin repairing credit (DIY and with services).
Signs Your Credit Is in Financial Disarray
Most Americans carry about 3 credit cards and a $4,500 average balance among them all. Unfortunately, many are also a paycheck away from poverty. This doesn’t bode well when many of these cardholders have revolving, outstanding balances.
It starts becoming very clear there’s an issue with the finances. It begs the question: have you experienced any of the following?
1. You’re Avoiding the Mail
Do you dread checking the mail? Or, do you wait a full week or longer before opening the mailbox? If so, it’s might be because you’re dodging credit mailings and possible debtor letters.
You might also have noticed a slew of questionable correspondences. These include scam and extortion attempt further exacerbating the issue. And, even having you avoid legitimate aid from qualified credit repair companies.
2. Checking Your Report Isn’t a “Thing”
Are you avoiding your annual credit report? Don’t use credit apps that share weekly updates and free reporting? Yeah, there’s a problem brewing.
In the back of your mind is the realization your credit is in trouble.
Avoiding the issues provide temporary relief. You may think a windfall will handle the issue. Or, you’re riding along until a juicy tax return to make amends. Either way, knowing the details of your credit report isn’t in your routine.
3. You’re Carrying a Balance
There’s a common myth that you should carry a balance on your cards. NO! This means you’re getting charged interest fees — and it adds up!
Do you not check your balance because you already know it’s too much? If so, then yes, you are a candidate for credit repair. Knowing your balance ballooned out of control is a sign your score got put through the wringer.
4. You Got Denied on Loan(s) or Card Applications
It’s okay having more than one or two credit cards. It’s not okay getting an immediate rejection upon applying. This goes the same for loan applications.
Why are rejections a problem?
The lender is checking your credit score and history. Something is appearing as a red flag when they’re going through approvals. If you’re denied financing, then there is a credit problem that needs your attention!
5. You’re Getting Bombarded with Collection Calls
It doesn’t get more tell-tale than getting called by collection companies.
Your outstanding balance already moved from the original debtor to this company. This means the debt already did its damage to your credit. Still, you’ll want to do what you can to repair your credit!
6. You’re Getting Denied a Place to Stay
The credit number you carry is quite an important thing in life. The score reflects your creditworthiness with payment history as a major scoring factor.
Landlords will check your credit history to see if you’re reliable. Denied housing applications is a clear sign something is wrong with your credit. It’s twice the trouble if they won’t even accept first, last, and a deposit!
7. You’re Having Issues with Job Placement
The credit report employers pull aren’t the same as your personal report. But, some may check into it as a qualifier during the hiring process.
Should you work for a company that pries into that much info? That’s on you but do know it’s out there. And, you may want to look into fixing it if you feel it’s hindering your career prospects.
8. Your Card Issuers Have a Problem
Have any of these items happen recently?
- Credit limit decreased
- Interest rate increased
- Cards were outright closed
Unless you’re carrying a 0 balance and not using the card, there’s a reason a card company is doing these things.
Your score is in disarray if the companies restrict or rescind your credit cards. You’ll need to repair credit fast if you don’t want it becoming a bigger issue.
9. You’re Reading Articles Like This
Who reads credit repair articles for the fun of it? Maybe there are some odd-ball types that enjoy the thrilling topic. But, it’s telling for a different reason.
What You Can Do About Credit Card Repair
You can’t expect to know how to approach credit repair without knowing where you stand. There are many reasons to rebuild your credit. Decide why you want to rebuild it and start taking action.
It begins by knowing:
- Your past and present score
- Soft and hard inquiries
- Current balances
- Outstanding debts
- Missed payments
- Contact information
Run your free annual report else use a credit app to get this info.
Do the following once you know your credit:
- Know what’s owed and set reminders
- Get caught up by paying outstanding debts
- Dispute debts that don’t look legitimate
You can now begin the credit-rebuilding process with small steps. A secured card is one good starting point for letting you rebuild credit. Having a co-signer or small loan can aid the repair process, too.
Most importantly: develop and practice good financial habits.
Get Expert Help with Rebuilding Your Credit
Do you know your credit is abysmal? Are you avoiding credit card companies? Been denied loans and feeling the financial pinch? We don’t have to tell you there’s a need for credit card repair — you already know it!
We’re here to help get you back on track to financial stability. We provide a custom blueprint to repair your credit fast.
Get started by requesting a free credit repair consultation.