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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.

Myth 2: You can not fix your 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.

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: Checking Your Credit Will Lower Your Score

There are different types of inquiries: soft inquiries and hard inquiries, the hard inquiries are the ones that will affect your credit score and these are done from the companies you wish to get the credit from, the other inquiries does not affect your credit score and those are the inquiries where you just want the information for promotional porpoises.

Myth 5: If you are shopping around for a Loan your score will be lower.

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: The Only Way To Improve My Score Is To Remove All Negative Items

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”

Is more simple than you think, and here is what you have to do: Get your telephone, dial their number and ask them to reduce your interest rate!!! just like that, by the way, tell them that you have sitting in front of you a credit card with a lower interest than the one they are offering you. Maybe a zero percent rates for the first 6 months, which after that period will turn into 8% rate. If you have a higher rate this technique will help you to lower it. Tell them that you are thinking in transfer your balance unless they decrease your interest rate, if you don’t get a deal with the operator ask to talk with the supervisor, in most cases the threaten to leave them is the key.

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categories: Finance,debt,credit,loans,management,money,help,selfhelp,howto,how to,finance,personal finance,money,banks