Repairing a bad credit score isn’t always as simple or straightforward as it seems.

Building up a bad credit score seems incredibly easy, but it’s not as straightforward as many people think it is. At Core Global Credit Solutions, we specialize in credit repair in Houston, and we offer a variety of credit repairs services to help you get your score where you need it to be. However, we also understand how confusing credit repair can be, and we believe that being in the know about credit repair can make a big difference. That’s why we’ve set out to answer your most frequently asked questions about credit repair.

Question #1. Should I close a credit card I’m no longer using?

If you’re rebuilding your credit because you’re up to your ears in credit card debt, closing any credit cards you’ve paid off and are no longer using seems like the next logical step to repairing your score. However, you should know that it could actually hurt your score if you close existing cards. In some cases, closing cards may be the best choice, but it’s important to be strategic. In general, if the card has a high limit, you’ve had it for years or you don’t have any other cards, it’s not a good idea to close it.

Question #2. Is it beneficial to keep a small balance on my credit cards?

According to FICO, you’re better off paying your balances completely off than you are by leaving a small balance on your cards. In general, the less money you owe, the better your score will be. That’s not to say that you shouldn’t use your cards, though. FICO prefers that you use credit, but that you do so conservatively. For instance, using your credit card for just gas and then paying it off every month.

Question #3. Does saving more money help to improve my credit score?

Unfortunately, the amount of money in your savings account doesn’t have an impact on your credit score. And, while saving money is always smart, and it could help you secure a loan, it doesn’t play a role in how your credit score is calculated.

Question #4. How long will it take to repair my credit?

This answer to this question is less straightforward than the others because it depends on a number of factors. Your financial goals, how much debt you have, your current credit score and many other factors all have an impact on the how long it will take to improve your credit score.

Question #5. Is it really necessary to repair my credit score?

Yes! Even if you’re not going to be applying for a home loan any time soon, it’s incredibly important that you take steps to repair your credit score if it’s low. Your ability to secure credit cards, lines of credit and loans may be the biggest and most obvious benefit of a good credit score, but your credit score can also have an impact on your ability to rent an apartment or to land a job.

Are you ready to start repairing your credit? If so, contact us at Core Global Credit Solutions today to get started!