Wednesday, October 17, 2012

These Credit Myths Are Costing You

These Credit Myths Are Costing You, People think that checking their credit reports too often can hurt their score, but ignore real problems. 10 Common Credit Myths That Could Be Costing You Money, Managing credit is one of the most common subjects that I've been getting asked about lately. Perhaps it's because so many had their credit scores damaged during the recession and are now trying to improve them in order to qualify for the record low mortgage rates we've been seeing. In addition, employers have increasingly been using credit scores to evaluate applicants and especially in this job market, every little factor really counts. So regardless of your motivation to increase your credit score, here are some of the most common credit myths I've heard that could be hurting your score:

1) I haven't done anything wrong so my credit is fine. Even if you've done everything right, your credit could still be in trouble. That's because 70% of credit reports have errors on them. In the likelihood that you have one of them, you could be paying more in interest than you need to be.

2) If I check my credit report, it will hurt my score. Checking your own report generally doesn't hurt your score but errors do so don't let this be an excuse not to do it.


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