The myths spread faster than the trues, that is why I am going to explain some of the most common myths in the credit repair area, one of the biggest myths is that you need a professional agency to manage your debt problems, this agencies can help you nevertheless they charge big fees for something you can handle yourself pretty well.
Myth 1: I Can’t Do It Myself
You may need help in many areas of your life, but credit repair and debt consolidation is not one of them, believe me you can do it, if I did it you can do it too. I still remember the first time I saw my credit report I realize I had some late payments, a judgment and some other stuff, in that moment my first thought was “I need immediate help with this” after getting some good education on the topic I was able to do it all by myself and now I am going to give you the best education possible on these topics (debt consolidation, credit repair, and debt management)so you can face this problem by yourself. After I had my credit report in my hands I start watching some huge mistakes, some of these mistakes were from the creditor, some other were from the credit bureau, and after making some more research I realize that anywhere from 75% to 90% of credit reports contain errors.
Myth 2: You Can’t Fix Bad Credit
Absolutely wrong. Having a bad credit does not mean that you can not fix it, it may take some time to fix it, but you can repair it, get positive lines of credit and have a new start, get your self in the right track to good credit. I remember how with a 520 credit score I was turned down for a credit card at Banana Republic in front of everybody in a very important Holiday, yeah pretty embarrassing but remember if I could do it you can do it too, It is just a matter to get educated and my videos will show you how to get the education you need to repair your credit.
Myth 3: You just have one credit Score.
You have 3 credit scores, not just one, each one of this credit scores is from the major credit reporting agencies. all 3 will show different scores, that is why when applying for a credit one company may use one report while other company may use a different one, it is always a good idea to get the 3 reports from the different bureaus because they can have serious diferences.
Myth 4: If you check you credit this will lower your score.
There are two types of inquiries that will appear on your credit report: hard and soft inquiries. Hard inquiries are from companies you wish to get credit from. These will affect your credit score. Soft inquiries are usually when you check your credit report online or from companies obtaining your information for promotional purposes. Soft inquiries don’t affect your score.
Myth 5: Shopping Around For a Loan Will Lower Your Score
Another very common myth, if you are looking for a credit (mortgage, car loan, home loan) from several vendors, this inquiries will appear on your credit report just once, nevertheless this only applies if the same kind of inquiries are made within 14 days of each other. Just remember that this does not apply for credit cards.
Myth 6: If I remove all the negative items my credit score will improve.
This is a partial true, because as a matter of fact erasing your bad marks is just one part of the whole solution, what will boost your credit score is building “positive credit”. Can you still remember those days were you were turned down from a credit card company because you did not have credit? actually what they were trying to say is that you did not have build a “positive credit” with credit card companies.
Free advice about credit cards: “How To Reduce Your Credit Card Interest Rate With One Simple Phone Call”
Here is this little sweet trick: Get your telephone, dial your credit card company number and ask them to drop your interest rate! is that simple!, just tell them that you have in front of you a credit card with a lower interest rate, may be they are offering you a zero percent rate for the first 6 months and after that period they will charge you 8%, tell them that you are thinking to transfer your entire balance to this new company if they dont decrease your interest rate, chances are that you will get a better interest rate that the one you have right now, be extremely kind with the operator, but if you cant get a deal ask to talk to the supervisor, remember that the key part is to treat them to leave.
Before hring a professional to help you with your finance go to Miguel Pancardo site and get his excelent free report on credit card debt consolidation online and how to get out of debt in his website. Don’t reprint this exact article. Instead, reprint a free unique content version of this same article.
