02/07/2019
Happy Thursday! Hopefully you are as excited about conquering your credit score goals as we are. We are jazzed up over here!
Your credit score is measure of how trustworthy you are to banks and lenders.
There are many perks of having a great credit score such as lower interest rates [meaning lower monthly payments] and whether the bank will approve or deny your application.
There are number of misunderstandings when it comes to what impacts your credit score. Below are three of the most common MYTHS *REVEALED* about what does and doesn't impact your credit score.
1. It's impossible to get a credit card if you have no credit [myth]
It's true that you must have at least one account reporting to the credit bureaus that is at least 4 - 6 months old in order to generate a credit score. If you don't have this, then obtaining a credit card will be difficult.
However! It's not impossible. You have can do one of three things to correct this issue fast. You can try to find a co-signer with good credit. OR you can become an Authorized User on someone else's account that is in good standing. OR you can get a very small secured card/primary on your own.
Becoming an authorized user on someone else's positive aged tradeline account is the most effective and efficient method to inject positive credit onto your credit report as it will save you TIME and EFFORT while attacking the weaknesses in your credit report. We can help you with this.
2. Your income impacts your credit score... [myth]
It does not matter if your annual salary is $2.2 million per year, or $22,000 per year year. The amount of money you make each year has nothing to do with your actual credit score, nor is it listed anywhere on your credit report.
3. Closing a credit card will boost your score [myth]
Your credit score will actually decrease if you close a old account on your credit report because it will lower the overall length of your credit history. That is a whopping 15% of your credit score that will take an immediate hit. If you feel like having the card is too tempting, then cut it up! But do not close your account.
Are you ready to take charge of your credit score and work with a phenomenal company that will EXPEDITE your path to credit success within weeks?
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