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
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
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
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
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
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
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
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.
My presentation was called “Credit Myth Busters.” We covered sixteen of the most common credit myths with a fun “true or false” format.
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.