Common Credit Myths Part 1 of 2

Common Credit Myths    Part 1 of 2

 

1 -Paying off late payments, tax liens, collections or judgments will remove them from

       your credit report  -  FALSE

2-Closing credit cards will increase your credit scores  -  FALSE

      Open and Active  credit is a positive tradeline, and allows a high credit score

3-All three of your credit reports and scores will be the same  -  FALSE

      Not all ccreditors report to all three credit bureaus, and nobody actually has to report

4-The higher the balance on your credit card, the more your score will improve  - FALSE

      Balances on revolving accounts should be kept less than 30% of their limit

5-The credit bureaus (Transunion, Equifax, Experian) generate my credit score  -  FALSE

      The credit bureaus are only repositories for the information

6-Online Credit Scores are accurate  -  ABSOLUTELY FALSE!

      Most online credit scoring equations are NOT Fico scoring equations

      which are approved by the mortgage industry

7-Transunion, Equifax, and Experian are government agencies  -  FALSE

      Private, for-profit companies who are all about making money, not spending money

 

Watch for my next, and final, Common Credit Myths finale..

    And when it comes to Real Estate..... remember

                    "DORIS  OPENS  DOORS!"  

Doris Halko,  Associate Broker,  Coldwell Banker PRIME Properties             (315) 671-3636

Doris Halko

Doris Halko

Licensed Associate Real Estate Broker
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