Bradenton Real Estate

January 19, 2013

5 Credit Myths to Ditch Now

credit myths

5 Credit Myths to Ditch Now

By Barbara Pronin

Everyone knows that having a good credit score marks you as a credit-worthy individual with increased buying power. But, said consumer finance consultant Jill Krasny, many people have critical misconceptions about what makes for a good credit score.

Krasny offers five common credit misconceptions:

  • Having too much available credit can hurt your score – False. There is nothing in the credit scoring formula that penalizes a consumer for having too much available credit. If anything, it may increase your credit worthiness in the eye of lenders, who operate on the theory that having a lot of credit available but low balances and on-time payments make you the best possible risk.
  • Income is part of your credit score – Wrong. Credit reporting agencies do not even include your income on your report. Lenders are interested only in whether your pay your bills on time.
  • Once married, a couple’s credit score is combined – Wrong again. All consumers, married or not, have individual credit files and scores. But it is important to manage your finances carefully, especially when it comes to shared debts.
  • Carrying balances on credit cards is better for your score – Not. The only thing a running balance will get you is interest charges. Paying off your bill on time each month shows credit activity as well as credit worthiness.
  • A credit repair agency can get negatives off your report – False. If late payments are listed accurately on your credit report, no agency can legally remove them, no matter what they promise. If the information is correct, the only thing you can do is make on-time payments going forward. If the information is not accurate, you should file a dispute with the credit reporting agency, asking them to correct the inaccurate information or remove the negative info that doesn’t belong to you – which credit agencies are obligated to do within 30 days under the Fair Credit Reporting Act.

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August 16, 2012

Fighting Off Foreclosure

Thank you to the folks at eLocal for the following guest post relating to ‘Avoiding Foreclosure.’

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As we hear about foreclosures in the news almost daily now, it is important to understand how the foreclosure process works and what some of the other options might be.

Foreclosure is an emotional and arduous process, as well as being catastrophic to your credit rating.  Foreclosure can stay on your credit report for up to 7 years and remains a part of your public record forever.

 eLocal asked their Legal Expert Network, which is made up of real estate agents and real estate lawyers, how to protect against foreclosure.They received many responses.   Using these responses, along with doing some further research on their part, eLocal compiled this information into a mini infographic foreclosure guide.

Source: elocal.com

Fighting Off Foreclosure - Infographic by eLocal.com

→ CLICK TO ENLARGE IMAGE
Fighting Off Foreclosure – Infographic by eLocal.com

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