Admitting bad judgment will allow you to partially recover some credibility with the people who have already decided that your judgment was bad. On the other hand, admitting bad judgment will cause you to lose credibility with people who have held faith in your judgment.
haShem sees that your judgment is deficient; hence admitting your bad judgment increases your credibility with haShem. Don’t Jews get together and go on and on abut what %$! ups they are on a regular basis? I thought this was called selichos or something. Or do Rabbonim say something different?