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Yeah, these myths has been spread very quick, and there are some trues you really need to know, once of the best examples is that you need a professional agency to do it for you, even they can help you to do it, you can do it for yourself. I did it so can you!, our next step will be to revel the truth from some of the most common myths about credit repair and debt consolidation issues.

Myth 1: I need help…I can’t do it myself

We need help once in a while why not, but credit repair and debt consolidation is not one of those areas, it is an area where you can do it by yourself. Back in the days when I saw my credit report for first time I saw some “terrible marks” on it (you know some late payments and stuff) I start freaking out and remember to reckon “there is no way I can do this by myself I will need some professional help” nevertheless I did it myself how? simple I got educated that is the key. And now you are going to get the best education possible on this subject, about how to consolidate your debt, repair your credit, maintain your credit score etc… while I was studying my credit report I realize about some huge mistakes by either the creditor, the credit bureau and even both!!. This were not mine at all, I found several mistakes in multiple accounts and making some research turns out that anywhere from 75% to 90% of the credit reports contain errors.

Myth 2: You Can’t Fix Terrible Credit

Not at all, having a terrible credit rate does not mean you can’t fix it, it may take you some time to do it, but you can certainly do it. There are several avenues to repair your credit, build positive lines of credit and returning on the excellent credit path. One of my most embarrassing tales occur me when I was applying for a Banana Republic card and I was denied in the middle of a very vital Holiday, improving your credit it is just a matter of get the right education on the right topics and with my videos you will get all the education you need.

The myth # 3: One credit Score is all you have.

You have 3 credit scores, not just one, each one of this credit scores is from the major credit reporting agencies. all 3 will show different scores, that is why when applying for a credit one company may use one report while other company may use a different one, it is always a excellent thought to get the 3 reports from the different bureaus because they can have serious diferences.

Myth # 4: Your score will decrease if you check it.

There are soft inquiries and hard inquiries, and they affect in a different way your credit score, the hard inquiries are those that affect your credit score and are done for the companies you wish to get credit from, the soft inquiries does not affect your score and these are the inquiries that are done in order to obtain your information for promotional proposes.

The Myth # 5: If you are shopping around for a Loan your score will be lower.

Another very common myth, if you are looking for a credit (mortgage, car loan, home loan) from several vendors, this inquiries will appear on your credit report just once, nevertheless this only applies if the same kind of inquiries are made within 14 days of each other. Just remember that this does not apply for credit cards.

The myth # 6: Remove ll the negative items is the only way to improve my score.

This is a partial right, because “erasing” your terrible marks is just one piece of the credit repair puzzle, remember that while removing “negative items” will help you in your credit score, just building “positive credit” will take your score further. Remember when you were denied from a credit card company because you did not have credit? the right is that you did not have positive credit build up with credit card companies.

“How to reduce your credit card interest rate with one simple phone call” this is a free advice

Is more simple than you reckon, and here is what you have to do: Get your telephone, dial their number and question them to reduce your interest rate!!! just like that, by the way, tell them that you have sitting in front of you a credit card with a lower interest than the one they are offering you. Maybe a zero percent rates for the first 6 months, which after that period will turn into 8% rate. If you have a higher rate this technique will help you to lower it. Tell them that you are thinking in transfer your balance unless they decrease your interest rate, if you don’t get a deal with the operator question to talk with the supervisor, in most cases the threaten to leave them is the key.

Before hring a professional to help you with your finance go to Miguel Pancardo site and get his excelent free report on debt consolidation canada and how to get out of debt in his website. Click here to get your own unique version of this article with free reprint rights.

categories: Finance,debt,credit,loans,management,money,help,selfhelp,howto,how to,finance,personal finance,money,banks


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