Eight Credit Score Myths
The following eight credit score myths are video segments of a conversation I had with my friend, Blair Warner, a Credit Counselor with Upgrade My Credit. The credit score is a very important component of the overall creditworthiness of a buyer, and demands attention.
Myth: “I always pay with cash, my credit should be fine.”
Myth: Keeping a Low Credit Limit: Good or Bad Idea?
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Myth: “I’ve always gotten credit when I asked, my credit score should be fine”
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Myth: “Closing out some credit cards will help my credit score.”
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Myth: “Consolidating my credit will help raise my score.”
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Myth: “Credit Inquiries will hurt my credit score.”
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Myth: “It will take years to increase my credit score”
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Myth: Late Payments, How They Affect Your Credit Score
To watch the original video, a 34 minute video, Eight Credit Score Myths: Credit Score Myths
The responsible use of debt is the theme of the discussion about credit. Lenders need to know that a buyer is creditworthy and has used credit in a responsible manner. When you’re starting from zero, it will take about 2 or 3 years to build the kind of credit score that will allow you to get a loan and get it with a good rate.
For more questions, visit Blair Warner’s website, Upgrade My Credit. For professional services, a credit specialist can really make a difference.