The Most Common Credit Misconceptions

Credit Score

The Most Common Credit Misconceptions

The Most Common Credit Misconceptions

Most of us aren’t clueless about credit scores, but we may be making costly mistakes. A recent annual survey by Consumer Federation of America and VantageScore Solutions about consumer credit knowledge found that a “large majority of Americans know a great deal about credit scores.” But it also identified some common misconceptions about credit that… Read More

5 Quick-Fix Credit Tips That Don’t Work

Credit 101

5 Quick-Fix Credit Tips That Don’t Work

5 Quick-Fix Credit Tips That Don’t Work

There’s nothing wrong with looking for an easy solution to your problems — except for when your quick fix is a waste of time. You can find a lot of tips for improving your credit by searching the Internet, but they’re not all accurate, and some can actually hurt your credit score. Here are a… Read More

6 Credit Myths That Can Wreck Your Finances

Credit Score

6 Credit Myths That Can Wreck Your Finances

6 Credit Myths That Can Wreck Your Finances

Credit is a concept that many Americans struggle with. Although various theories exist, the most effective way to build credit is to make timely payments and keep the balances low. Here are six common credit myths that you should be aware of: 1. You have one single credit score. Although the three major credit reporting… Read More

9 Mistakes That Kill Your Credit

Credit Score

9 Mistakes That Kill Your Credit

9 Mistakes That Kill Your Credit

Credit can be a tricky thing — some behaviors are obviously harmful to your credit, like paying late (or not at all), or maxing out your cards. But some mistakes aren’t all that obvious, and in fact some actions that might seem beneficial can actually have a terrible impact on your credit.  We’ve compiled the… Read More

5 Bankruptcy Myths Debunked

Credit Score

5 Bankruptcy Myths Debunked

5 Bankruptcy Myths Debunked

Bankruptcy is undeniably one of the worst things — if not the worst thing — you can do to your credit, typically causing a credit score loss of more than 200 points. However, you can minimize the impact and hasten the recovery of your credit through better awareness of how credit scores treat bankruptcy. To… Read More

5 Credit Myths to Ditch in 2013

Credit 101

5 Credit Myths to Ditch in 2013

5 Credit Myths to Ditch in 2013

When one year ends and another begins, it’s hard not to look ahead and strive to do better.  And when it comes to credit, we’re definitely creatures of habit. We resolve to spend less, but open store credit cards anyway. We vow to pay off debt, but only put down the minimum due. We aim… Read More

8 Surprising Things That Affect Your Credit

Credit 101

8 Surprising Things That Affect Your Credit

8 Surprising Things That Affect Your Credit

Learning the rules of credit isn’t always as straightforward as you might think. Sometimes, doing something you might think would be great for your credit score can actually have an unintentional negative impact. The first step in understanding what affects your score is to know where you stand by pulling your free credit report once… Read More

Paying Off Collections Does Not Lower Your FICO Scores…Myth Buster

Managing Debt

Paying Off Collections Does Not Lower Your FICO Scores…Myth Buster

Paying Off Collections Does Not Lower Your FICO Scores…Myth Buster

It seems every few days I get a call or an email question from a consumer about the FICO score impact of paying off or paying down a collection account. The prevailing opinion is that paying a collection somehow makes it look like a new collection and thus lowers your scores. This is a current myth based on a past truth. There was a time when paying a collection would lower your scores, but not any longer.



Decoding the Burger King BK Crown Card Offer

Credit Cards

Decoding the Burger King BK Crown Card Offer

Decoding the Burger King BK Crown Card Offer

By saying “Bad Credit? No Credit?” the Burger King card is posing as a deal that would require a credit check and that would in turn be something that could help boost your credit history. The ad makes it seem like the BK Crown Card is a real credit card. Someone who is already struggling with their credit would be very tempted to “apply” for this card, not realizing that is just a gift certificate in disguise.

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