The 6 Dirty Secrets About Debt Consolidation The Banks Dont Want You To Know.
Yeah, these myths has been spread very fast, 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 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 \”bad marks\” on it (you know some late payments and stuff) I start freaking out and remember to think \”there is no way I can do this by myself I will need some professional help\” nevertheless I did it myself how? easy 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 big 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 Bad Credit
Not at all, having a bad credit rate does not mean you can\’t fix it, it may take you some time to do it, but you can definitely do it. There are several avenues to repair your credit, build positive lines of credit and returning on the good credit path. One of my most embarrassing stories occur me when I was applying for a Banana Republic card and I was denied in the middle of a very important 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.
Myth 3: You Only Have One Credit Score
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 good idea to get the 3 reports from the different bureaus because they can have serious diferences.
The 4 Myth: If you check you credit this will lower your score.
There are two types of inquiries that will appear on your credit report: hard and soft inquiries. Hard inquiries are from companies you wish to get credit from. These will affect your credit score. Soft inquiries are usually when you check your credit report online or from companies obtaining your information for promotional purposes. Soft inquiries don\’t affect your score.
The Myth # 5: If you are shopping around for a Loan your score will be lower.
This is one of the most common myths, remember that if you are looking for a credit from several vendors (mortgage, car loans, home loans, etc…), all this inquiries will appear in your credit report just once but remember that this just apply if the same kind of inquiry is made within 14 days, the only exception to this rule are credit cards.
The myth # 6: Remove ll the negative items is the only way to improve my score.
This is a partial true, because \”erasing\” your bad 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 true 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
It\’s actually quite simple. How to do it you ask? Break out your telephone, call them, and ask to reduce your interest rate. Mention that you have sitting in front of you, a credit card with a lower interest rate. Possibly a zero percent interest rate for 6 months, which then turns into a 8% rate. If your current rate is 22%. A simple call will lower it. Mention that you are looking to balance transfer unless they lower your interest rate. Be nice to the operator. If they cannot drop the interest rate, speak to the supervisor. In most cases, after speaking with the supervisor they will drop your rate. To threaten to leave 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.
categories: Finance,debt,credit,loans,management,money,help,selfhelp,howto,how to,finance,personal finance,money,banks
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