Elevate your credit score

Are you looking for ways to fix your credit or improve your credit score? At We Fix Credit, we’re here to help you make informed decisions and offer expert credit repair solutions.

A common myth is that closing credit cards will improve your credit score. However, this can actually harm your credit. Understanding how credit scores work is crucial when considering actions like this, and our team can provide expert advice tailored to your situation.

Call us for a no-obligation discussion on 1300003655.

Credit scores are calculated based on factors like payment history, credit utilisation, length of credit history, types of credit, and recent enquiries. Closing a credit card that’s been open for a while can impact several aspects of your credit score, often in a negative way, whist opening new unsecured credit facilities can also initially lower your score, paying the account on time will eventually assist to increase your credit score.

We can help you avoid common mistakes and offer personalised credit fix solutions that protect your score. Credit scores cannot be predicted as each credit reporting body has their own individual algorithm for which they produce individual scores based on many variables such as the age of your credit report, the amount of enquiries and types of enquiries and frequency over a five-year period.

Other key contributing factors include your residential stability, and demographics of your current residence. Repayment history with open consumer credit facilities make up around 35% of your total credit score.

Credit utilisation refers to the amount of credit you’re using compared to your credit limit. A lower utilisation ratio indicates better credit management and can boost your score.

When you close a credit card, your total available credit decreases, raising your utilisation ratio, which can damage your credit score. Our experts at We Fix Credit can guide you in managing your credit utilisation and keeping your score healthy.

The length of your credit history contributes to 15% of your credit score. Closing old accounts, especially your oldest ones, can shorten your credit history and make you appear less experienced with credit. This can lower your credit score. Before taking any steps, consult with us to find the best way to fix your credit without causing unintentional damage.

A diverse credit mix, including credit cards, mortgages, and loans, helps your credit score. Closing a credit card may reduce this diversity, which could negatively impact your score. At We Fix Credit, we provide tailored strategies to improve and maintain your credit mix for optimal results.

Instead of closing credit cards, consider these strategies:

– Pay off balances: Keep your accounts open while reducing your balances. This lowers your credit utilisation and boosts your score.

– Use cards sparingly: Make small purchases and pay them off monthly to keep your accounts active and show responsible use.

– Monitor your credit: Regularly review your credit reports to stay informed and catch any errors or suspicious activity early.

Fixing your credit can be challenging, but with the right guidance, it’s achievable. Don’t let myths about credit scores lead you down the wrong path. Contact We Fix Credit today for a no-obligation discussion on 1300003655. We’re here to help you fix your credit score and achieve financial freedom with expert credit repair solutions tailored to your needs.