Two things that can happen by not boosting your credit score correctly
1) Your Credit Score (can drop or go to zero)
2) Your Credit Approval
Two other things that can make your score drop
1) Adding too much credit to fast
2) Paying a credit card all the way off or cancelling it.
Many people and professional do not know this and end up giving advice that hurts their clients scores.
1) When you don't have enough credit and you start removing items that had kept you have some kind of score, your score can drop, or your report becomes so clean it drops to zero. Then you have to start your credit all over again. This is the hard way to do it. It is wiser to build off the credit score you already have.
2) When you dispute items, lenders and credit services provides see the negatives and end up denied because they post a risk to any creditor with that behavior
3) You pose a risk when you start adding too much credit, more than 2 lines, or applying for too much credit. The bureaus see this as you might get yourself into trouble and then you inadvertantly hurt your score.
4). Many professionals or people say cancel that card, or pay it off. Especially pastors are now big on this message. The problem is it will also effect your score, because you do not have any good credit ratio balances.
Here is the solution to boosting your credit score effectively
1) You want to add some good credit first, if you qualify then get our platinum card click here for details or if you do not have enough credit then get our shopping card click here for details. Alternatively you could get one of our secured credit cards, click here for details. When you have enough "good" credit on your report, this will help your debt to credit ratio, this is difference from debt to income ratio. It's like a balancing act, enough good credit out weighs the negative.
2) If you looking for credit approval, then after 7 -15 days (if you get the platinum card) you will start seeing score results. When you have a score high enough for a lender, then apply. (unless the lender wants you to clean up negative items on your credit report first, in that case you must do credit repair, click here for details, and once the disputes are finished and nothing is marked disputed, you can apply for your lending).
3) Instead of add too much credit do a little bit at a time over a few months, let the bureaus see your good behavior. You could also begin to pay down your debt (but not entirely off). Click here for details.
4) Did you consider credit restoration? Even if you think you don't need it, credit restoration, can remove negative items, including public records like bankruptcies, judgements and public records. It also removes the inquiries (and puts a stop to them) something that also effects your credit score. Lastly credit restoration will help remove some if not all late payments, another part of the credit scoring factor. Click here for details
This is why we always say 1) add good credit 2) pay down your debt 3) do some credit restoration 4) then work on the rest of your financial portfolio and makeover your credit, things like setting the right kind of savings accounts, and saving the right amounts, protecting your retirement, making investments, building a nice financial portfolio and much more click here for details.