Build My Scores Advises Consumers on the Biggest Mistake Seen on Credit Reports

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Local Dallas, TX credit repair company advises consumers on the basics of credit reports and credit scores.

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Build My Scores advises consumers on the crucial mistakes that drag down their credit report. It is fair to say, the majority of consumers realize not paying their bills on time will have a negative effect on their credit report. However, some actions are not so clear.

According to an article written by Adam Levin for dated April 7, 2013, the majority of people make a mistake when they believe they are trying to turn their credit score around. The most common error is closing credit card accounts. Depending on each individual financial situation, closing credit accounts could be the biggest mistake.

Good credit generally stays on the credit report longer than bad credit. Delinquencies and bankruptcies will stain a person’s credit history for seven to 10 years respectively, but a credit card account with zero delinquencies stays on for a full 10 years after it’s closed.

However after 10 years, that closed (positive) account will drop off the credit report; and if the overall length of the consumer’s credit history declines when that account goes away for good, then the score will take a hit. It is important to note that FICO and the three major bureaus allocate 15 percent of credit scores to individual credit history. The Credit Utilization Ratio (how much available credit a person actually uses) should be consistently around 10 percent.

There are three simple ways to minimize damage related to a closed credit card account: Close the right card, Pick the right moment – any improper actions too soon, could cost in high interest payments;
Manage the ratio – If planning to close an account, pay off balances on remaining cards as well.

Build My Scores is there to help with any credit-related questions. Credit repair can open many doors. It is not only important for saving money on insurance, loans or credit cards, but a better credit score can also open new employment opportunities. Contact the premier credit repair company, Build My Scores today for a free one-hour credit repair consultation at 866-611-9531.

About the company:

Build My Scores is a total credit restoration and enhancement company. Committed to delivering innovation, Build My Scores collaborates with referral partners such as mortgage, real estate, and banking professionals to help them with their clients that are facing credit challenges. Build My Scores provides credit repair help, credit repair services, and credit score repair. For more information, please visit their website at to see how they put together a tailored strategy to help clients restore their credit.

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Justin Camper
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