Five Credit Myths You Should Know About

1.  You can improve your credit rating by closing your credit card accounts.

NOT TRUE! Closing your credit card account adds to the shortening of the age of your credit account, which is included in the primary decisive factors of your credit rating. The scores on your credit report, for that reason, will not improve even if you do opt to cancel your credit card accounts.

2. Credit scores are increased once you repay your installment loans.

NOT TRUE! Accomplishing installment liabilities will not increase your credit score. The factor that has implications on your credit score is not the total amount of money you spent for the loan, but the exact date you paid back the loan. In fact, consumer credit report agents are only focused on verifying if you settled your balance on time or not.

3. It is impossible to get more than one credit score.If you receive your credit reports from different agencies, then your credit scores will all look the same.You can only get one credit score.

NOT TRUE! In reality you can receive as many as three credit scores. Each of the three leading credit reporting agencies in the country has its unique procedure of calculating your credit score. The estimations achieved by the three companies translate to three credit scores with slight differences. The three credit scores are acknowledged by the FICO, which is the organization that is accountable for the calculation of your FICO scores.

4. You can never remove a negative entry in your credit report until the seven-year requirement is up.

NOT TRUE! A poor mark, whether it is a late payment entry or an existing loan item, can be deleted from your credit record. You can initiate this by requesting a goodwill adjustment from your loaners or by disputing the imprecision of your credit data.

5. It is possible to improve credit score through the maintenance of your credit account balance.

NOT TRUE! It is actually the opposite. It is perfectly fine to have credit card activity; but it doesn't affect your credit balance. Maintaining a substantially low balance or no balance at all is actually one of the best means to preserve a good credit score and improve it.


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Three Easy Methods to Get a Late Payment Removed From Your Credit Report

Removing a late payment entry from your credit report, most especially if you do not have several late payment markings on the same credit account, is not that hard. You can always negotiate your way into the removal of the late payment record on your credit report. Here are three different ways that you can actually do to get rid of those late payment marks from your credit report:

1. Ask a goodwill adjustment from the original loaner.

One of the easiest techniques to get rid of late payment from your credit account record is to ask your original loaner for a goodwill adjustment. Goodwill adjustment is a practice of altering your credit record from "late" to "current." Requesting goodwill adjustments from the creditors is much easier if your payment records prior to the late payment are quite acceptable.

2. Negotiate a removal by availing of the automatic payment services.

Another method you can use to delete that late payment entry from your credit report is to sign-up for automatic payment services. Some creditors will help you get rid of the negative entries on your credit account only if you support their automatic payment service. The arrangement is advantageous to both parties: the loaner will obtain your payments on time and you will complete your financial duties on schedule.

3. Pass a lien contending that the late payment record is, in fact, inexact.

Questioning the inaccuracy of the details of your credit history is another useful means to wipe off the late payment entry on credit account record. Creditors, because of the vast amount of accounts they deal with every single day, have the tendency to have difficulty justifying the details on your credit report. If ever the creditors fail to prove the preciseness of the late payment record, then that poor marking in your credit record will be deleted.


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Write down your personal credit card debt load while avoiding going bankrupt

Fighting to escape a heap of credit card debt?  Are you getting a lot of phone calls from debt collection companies?  Prevented from buying a new truck or a new house appliance since your credit is maxed?  You can try some common yet useful methods of climbing out from under that pile of credit card bills:


Convey your balance from the credit card with the highest rate to your cards with low interest rates.  This tactic allows you to pay lower interest while moving towards clearing your balance.

Convert the credit card account with the highest monthly rate into a lower monthly rate card, phone the credit card company, notify them your financial difficulties and request their help with discounts your interest rate.  Try this method with all your credit cards today.

Completely pay the existing balance of your high interest cards, and quit using them.  If balance clearing is not feasible, pay down as much as possible.

Talk to experienced debt consolidation specialist and ask credit card debt consolidation avenues you can take.  This is a comprehensive solution to personal credit problems.  Use their expertise to drastically improve your finances.






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