This presenttion reveals the 9 things you think you know about your credit score that are totally untrue

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9 Things You Think
About Your Credit Score
That Are
Totally Untrue
Do you know your credit score? If not it's easy to find
out what it is. The three credit reporting bureaus –
Experian, Equifax and TransUnion – will give you your
credit score free although you may have to jump through
some hoops to get it. CreditKarma and CreditSesame also
offer free credit scores. But once you know your credit
score, do you know what it means? (Continued …)
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Lenders generally look at credit scores in ranges as follows:
• Between 700 and 850 – Very good or excellent credit score
• Between 680 and 699 – Good credit score
• Between 620 and 679 – Average or OK score
• Between 580 and 619 – Low credit score
• Between 500 and 579 – Poor credit score
• Between 300 and 499 – Bad credit score
The harsh reality is that if your credit score is below 500 you have a long hard road
ahead of you in building better credit. However, if it’s average, there are some very
simple things you could do to improve it. But there are also nine myths about building
better credit that are simply untrue.
#1. You can get rid of hard inquiries
There are two types of inquiries that affect your credit score – hard and soft. Soft
inquiries are where a creditor checked your credit. A hard inquiry is when you apply for
new credit. One myth about building credit is that if you get one of your credit reports
daily you will bump up your soft inquiries and this will push off the hard ones that do
affect your credit score. The fact is there's not a limited amount of space for soft
inquiries. Plus, these are not a large part of your score.
#2. You can boost your score by closing old accounts
This is one of those myths that just won’t die. The fact is that closing an account or two
could actually damage your score. It’s because this will shorten the amount of time
you’ve had credit. If you have a long credit history this shows that you are a seasoned
borrower so the longer history you have the better. And when you have more available
credit this helps keep low what's called your utilization ratio, which makes up 30% of
your score.
#3. You can help your credit by opting out of credit card offers
Some people believe that if you opt out of credit card offers you will have fewer inquiries
on your credit reports. However, as noted above these are soft inquiries and really have
no effect on your credit score. If you just want to get out of receiving all those offers,
that's okay but it won't do anything to improve your credit score.
#4. You can increase your credit score by opening a lot of accounts
Do you believe that if you open many accounts this is proof that you can handle credit
sensibly? Unfortunately, it can do the opposite. When a lender sees this it will wonder

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what’s the reason you need so much credit. It serves as a sort of danger sign and your
credit score could be damaged because of it.
#5. You can improve your credit score by paying off delinquencies
This is one of those things that just seem to make common sense. After all, if you pay
off a delinquency, shouldn't that improve your credit score? Unfortunately, the answer to
this is no. It could help but won’t cause a dramatic increase. This is due to the fact that it
will remain on your credit reports even if it shows as a zero balance. Negative
information such as accounts that have gone to collection, accounts that have been
charged-off, judgments and tax liens will stay in your credit report for seven years. And
a chapter 7 bankruptcy will stay there for 10 years. You need to pay off that delinquency
but don't believe your credit score will be the same as before you were delinquent.
#6. It's better to pay off loans early then to make payments
The sad fact is that if you pay off a loan in might be good for you personally but won't do
a lot for your credit score. A paid off account that you closed will help your score but not
as much as a credit account that’s open and where you’ve handled your credit wisely.
When you close an account this shows that you have behaved sensibly in the past but it
is not predictive of how you will behave in the future.
#7. You can help your credit score by paying before a due date
You could pay a credit card balance 10 days before the account’s due date but this
won’t help your utilization ratio and therefore won't help your score. This just doesn’t
work because the credit bureaus have already received a report of your balance. But if
you pay your balance off before your statement’s closing date, (which is on your
statement), your report will have a zero balance. This will increase your utilization ratio,
which is a good thing.
#8. All delinquent payments on the same
Delinquencies have different weights. If you miss an auto loan payment or mortgage
loan payment this will damage your credit score more than if you miss a credit card
payment. That's because these are considered to be more substantial debts. As you
might imagine, your last resort should be to miss a payment. It's better to pay the
minimum required amount to keep your account current. If you believe your heading for
a financial catastrophe you should probably go to a nonprofit credit-counseling agency,
which will contact your lenders to get you payments you can afford or some other
solution.
#9. Your report shouldn't have any negative items at all
You can have a really good score even if you were 30 days late on a payment or even
had a bankruptcy. This is because the information reported most recently carries

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heavier weight than older information. This means if you had a bankruptcy five years
ago, but have performed well in terms of handling your credit since then, you could have
a 700 credit score.
The net/net
If your objective is to have a better credit score, paying consistently is better than trying
to find a fast fix. The answer is simple. Every month pay at least the minimum amount if
not your full balance. Second, diversify the types of credit you have and keep your
balances low. Do this and you will ultimately have a better credit score.

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Does this sound familiar?
• You are tired of worrying about money…
• You are losing sleep due to mounting credit card debt…
• You are fighting with your partner about the bills…
• You are living paycheck to paycheck…
• You are falling behind on your debts…
• You are losing hope…
It’s time to talk with National Debt Relief!
Go to
Call Toll-Free 1-888-703-4948 Now!
Or Go To http://www.nationaldebtrelief.com