Sorry for yelling STOP in all upper caps but this topic is way too important to let slide. A prospective home buyer--let's call her "Melanie"--just stopped by one of our sales offices to share some exciting news. Turns out she's been trying to repair her credit score on her own. (Insert big "oh, no" here.) Ms. Melanie said her credit score (pulled just two months ago) was only 20 points short of qualifying for a loan. She had taken on the challenge to boost her score and proudly announced, "I've been paying on some old stuff." (Insert another "oh, no" and throw in a sigh.)
So what's the big deal?
The problem is that credit repair is very tricky these days. Recent credit items are more important than old debt, and most lenders can overlook some dings to your credit if they occurred a long time ago. Believe it or not, paying on an old debt breathes new life into that carcass and makes it show up on your credit report as a recent item. This can cause your score to tank.
No one told Melanie to do this. Despite a consultation with Marcy Rutherford
, a veteran sales counselors who is very knowledgeable in credit repair, Melanie didn't take her advice. The result is that Melanie may very well have set herself back over 100 points! This will take a very long time to undo.
Please take a lesson from our unfortunate friend and stop working on your own credit. We can help! Just call one of our Sales Offices and make an appointment to find out more about our Credit Watchers Program. Call toll free: 1-800-Antares (800-268-2737) or choose your favorite neighborhood and phone number from this list