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