By John Ulzheimer
Myth 1. Close credit card accounts if you're not using them because it will improve your credit scores
Myth 2. Avoid credit after a bankruptcy or some other credit disaster
Myth 3. Paying your bills on time is the best way to get a good credit score
Myth 4. If you correct errors on a credit file with one credit reporting agency, it will be picked up and corrected by all four of them
Myth 5a. All of your credit reports contain identical information
Myth 5b. All of your credit scores will be the same
Myth 6. Your salary or your level of education positively or negatively impacts your credit scores
Myth 7. A divorce decree will release you from financial responsibility for an account
Myth 8. If you have bad credit, it's a lifelong sentence
Myth 9. Check cards or debit cards will help build or rebuild your credit scores
Myth 10. Opening new credit cards and transferring balances will help your scores because you're hiding your debt across more accounts
Myth 11. Paying or settling a negative account such as a judgment, lien, or charge-off will remove that item from your credit reports
Myth 12. You should try to get old, good accounts removed from your credit reports once they have been paid in full or closed
MORE WEB EXTRAS FROM JOHN
Current DateTime: 06:42:58 10 Nov 2009
LinksList Documentid: 22731092
- Q&A with John: Should I Consider A Debt Reduction Company Solution?
My question is regarding debt consolidation verses debt reduction. I have a fico scores in the mid 700s. I have about 25,000 in credit card debt. I am very fortunate to have very low rent, so I don't own a home. However, some day I want to have a saving and I want to own a home. I have an excellent career, working for the county, so I have benefits and make about $70k a year.
- Q&A with John: Should I Declare Bankruptcy?
Question: divorced 6 months ago, bought home instead of renting, now 75,000 in debt, own concession business, seasonal, make 25,000, 6mo saved money for winter months and work pt, cant find any jobs that pay halfway decent, truck was repoed 2 days ago, owed 26,000, worth only 17,000, need truck to run my business...
- Q&A with John: Can Mistakes from Ex-Spouse Affect Us Negatively?
Question: My Fiance' & I are hoping to buy a home this summer. He was divorced last year & his ex failed to get his name off of the deed within 7 months of divorce & also failed to make payments on time. Will this affect us negatively with the bank? Also would it be best to take a large amount of money we have saved to pay off any debt, or use it all for a down payment.
- 10 Steps to Better Credit
Find out what the credit reporting agencies are saying about you - Step one to addressing the problem is finding out just how bad of a problem you have...
- 8 Tips on Avoiding Debt
Don't apply for credit unless you need it. And make sure you have a conservative definition of the word “need.” Use credit cards as a 30-day, no interest loan that must be paid in full by the due date...
- Top 12 Credit Myths
Myth 1: Close credit card accounts if you're not using them because it will improve your credit scores. Myth 2: Avoid credit after a bankruptcy or some other credit disaster. Myth 3: Paying your bills on time is the best way to get a good credit score...
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