Your credit rating plays a critical role in your financial life. It impacts your ability to get loan approvals, credit cards, and even impacts the interest rates you’ll pay. It’s no wonder that many people visit this page eager to improve their credit scores. However, in their quest for a better credit score, some individuals make common blunders that can hinder their progress. Below is a look at the various blunders people make when attempting to fix their credit rating.

Neglecting to Check Your Credit Report

One of the most significant errors people make is failing to check their credit reports regularly. Your credit report contains valuable information about your credit history, including any errors or discrepancies that could be dragging down your score. By law, you’re entitled to one free credit report from each of the major credit bureaus (Equifax, Experian, and TransUnion) every 12 months. Take advantage of this and review your reports for inaccuracies or unauthorized accounts.

Closing Old Credit Accounts

Closing old credit accounts is a good idea to simplify your finances, but it can harm your credit score. A portion of your credit score depends on the length of your credit history, and closing old accounts can shorten it. Instead, consider having your old accounts open and using them occasionally to demonstrate responsible credit management.

Applying for Too Much New Credit at Once

Each time you apply for credit, a hard inquiry is made on your credit report. Too many hard inquiries within a short …