Real Estate Marketing Specialists

Eight Credit Score Myths

Eight Credit Score Myths

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?

(start at 30 seconds to skip intro)


Myth: “I’ve always gotten credit when I asked, my credit score should be fine”

(start at 17 seconds to skip intro)


Myth: “Closing out some credit cards will help my credit score.”

(start at 15 seconds to skip intro)


Myth: “Consolidating my credit will help raise my score.”

(start at 26 seconds to skip intro)


Myth: “Credit Inquiries will hurt my credit score.”

(start at 58 seconds to skip intro)


Myth: “It will take years to increase my credit score”

(start at 57 seconds to skip intro)


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.

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