How to fix credit begins with discipline…and insider’s secrets. You provide the discipline and I’ll hand you the insider’s secrets banks use every day to suppress your credit and squeeze more money out of you. This is how you repair credit fast…or even at all!
FACT: The average U.S. cardholder walks around with 9.5 credit cards? …9.5 cards!
FACT: The average U.S. cardholder carries an $8,000 card balance and pays the minimum!
Are you an average U.S. cardholder? Please tell me you’re not an average cardholder. 
Now, before you get upset with me or put your wallet on a crash diet (and you know what happens when you start crash dieting), check out the following 6 bad credit card traps THAT YOU MUST AVOID….
THE 6 CREDIT CARD TRAPS
- Do not blindly fill out credit applications. Each time some store clerk tempts you with a 25% off your first purchase by filling out a short little credit application, think before you put pen to paper. Each time you complete an application, the potential creditor now has permission to pull your credit, resulting in a PENALTY to you…every 3-5 (credit) inquiries results in a 12-36 point PENALTY to your credit score! Can your credit score handle a further loss?
- Do not sign up for credit cards just because you can. Do you really need 9.5 credit cards. Ideally, 1 or 2 good cards are enough. If you’re a good customer, your card issuer will be happy to increase your limit just by asking and this, in turn, DECREASES your debt to available credit ratio. This is good! For instance, you’re carrying a $500 balance on a card with a $1,000 credit limit (or 50% debt2credit ratio). One phone call increases your credit limit to $2,000 and your 50% drops further to 25%! How much debt you carry contributes to a whopping 30% of your credit score. Don’t you think it makes sense to keep you D2C ratio under control…especially if you’re trying to improve your credit scores?
- Do not close any existing credit card accounts. 15% of your credit score comes from the LENGTH of credit history. Reducing the average age of your credit card accounts or closing a card with a high credit limit can hurt your credit scores significantly, especially if you only have a few cards.
- Do not simply pay those “new” fees or accept that higher interest rate. Force your card issuer to lower your interest rate, if it suddenly jumps.
- Do not max your cards out. Keep your debt-to-credit utilization as low as possible. For instance, let’s say you have 5 cards with 2,000 each (or $10,000). Each month you charge $8,000 among the five cards. Your D2C is a whopping 80%. Get it down….pay down your card debt…FAST! If you’re needed to apply for credit, keep balances charges L-O-W. In this situation, having multiple cards could help you. If you can’t pay off the balance on that card, then you can do a balance transfer to an existing card in your wallet without applying for a new card.
- Don’t just accept annual fees. A card with an annual fee that you never use is a good candidate for closing. Before you close it (if you should), first try getting the fee waived by calling and threatening to close the card.
This is not the “do not” game. How to fix credit means freeing yourself from credit card traps. Now that you’re aware of card issuers’ favorite traps for killing your credit scores, you will not fall into these common traps. But wait, there’s more….and I’m just the guy to pull the curtain back on what they’re doing to squeeze more money out of you and dump your credit scores.
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