Yup, there are some myths. Some may shock or even anger you, but it is a message that must be told. For example, you probably think you can\’t do it yourself and you NEED a professional agency to do it for you. That couldn\’t be further from the truth. I did it and so can you! Let\’s dive into some of the most common myths people have about credit repair.
Myth 1: I need help…I can\’t do it myself
As with many things, we need help once in a while, but credit repair is certainly something that you can do quite easily on your own with a little elbow grease and time. When I first looked at my credit report back in January 2007, I saw some late pays, a judgment, and some other \”not so good\” marks on my credit report. I screamed, \”I\’ve got to get a credit agency to help me with this! There\’s no way I can do this myself!\” Yeah, so I thought. How did I do it myself? I got educated that\’s it. And now, you are going to get the best education on how to repair, rebuild, and maintain your credit score. After some time of taking a more in-depth looking into my credit report, I noticed some huge mistakes by either the creditor or credit bureau. These were not my mistakes, but the mistakes of \”The Man.\” I found mistakes on multiple accounts, ranging from multiple late pays, wrong accounts, to closed accounts, when in fact they were open. Turns out, it\’s estimated that anywhere from 75% to as many as 90% of credit reports contain errors.
The Myth number 2: Your bad credit can\’t be fix.
Wrong. Just because you have bad credit doesn\’t mean that you can\’t repair it. It may take longer to fix, but it is repairable. There are many fast ways to restore your credit, build positive lines of credit, and get yourself back on the right track to good credit. If you think a 520 is bad-it is. I was turned down by every credit card I applied for. I even got denied at Banana Republic in front of 20 people at Christmas time. Yeah, no fun If I can do it, then so can you. It\’s a matter of becoming educated and this videos will show you how to get your credit back.
Myth 3: You Only Have One Credit Score
The reality is that you have 3 credit scores, there are from the major credit reporting agencies, all 3 show different scores, so when applying for a credit one company may use a different report than others, it is always good to check your credit score in the 3 bureaus, because they can vary a lot among them.
Myth # 4: Your score will decrease if you check it.
There are soft inquiries and hard inquiries, and they affect in a different way your credit score, the hard inquiries are those that affect your credit score and are done for the companies you wish to get credit from, the soft inquiries does not affect your score and these are the inquiries that are done in order to obtain your information for promotional proposes.
The Myth # 5: If you are shopping around for a Loan your score will be lower.
This is a very common myth, if you are searching for a mortgage, home equity loan, or car loan and you apply from multiple vendors this will only appear on your credit report once. This only applies if the same kind of inquires are made within 14 days of each other. Unfortunately, this doesn\’t apply for credit cards!
The myth # 6: Remove ll the negative items is the only way to improve my score.
This is a partial true, because \”erasing\” your bad marks is just one piece of the credit repair puzzle, remember that while removing \”negative items\” will help you in your credit score, just building \”positive credit\” will take your score further. Remember when you were denied from a credit card company because you did not have credit? the true is that you did not have positive credit build up with credit card companies.
Free advice about credit cards: \”How To Reduce Your Credit Card Interest Rate With One Simple Phone Call\”
It\’s actually quite simple. How to do it you ask? Break out your telephone, call them, and ask to reduce your interest rate. Mention that you have sitting in front of you, a credit card with a lower interest rate. Possibly a zero percent interest rate for 6 months, which then turns into a 8% rate. If your current rate is 22%. A simple call will lower it. Mention that you are looking to balance transfer unless they lower your interest rate. Be nice to the operator. If they cannot drop the interest rate, speak to the supervisor. In most cases, after speaking with the supervisor they will drop your rate. To threaten to leave is the key.
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