Credit

10 Myths About Credit: #10 Missed Payments

  Myth: A couple of missed payments won’t hurt my credit score Reality: The worst thing one can do to their credit score is miss making minimum payments.  Even one missed minimum payment can reduce a credit score by 50+ points. Making minimum payments on time is so important to lenders & the credit rating system that they designated it as weighing 35% of the credit score. Here is a […]

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10 Myths About Credit: Myth #9 (It’s All About Credit Score)

10 Myths About Credit: Myth #9 (It’s All About Credit Score) Myth: A good credit score is all you need to get additional credit from a lender. Reality: Having a good credit score will get you part of the way, but it does not guarantee approval of additional credit. Other factors may include: Relationship with the lender Assets (i.e. house, land) Employment history Total Debt Service Ratio (TDSR) & other […]

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10 Myths About Credit: Myth #8 (Grace Period)

Myth #8: You get interest free grace period of 21 numbers of days on all purchases made on your credit card. Reality: People that benefit from the interest free grace period which is normally 21 days for most credit cards are those who pay off their credit cards in full each time. If you have an outstanding balance on your credit card after your grace period ends and you make […]

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10 Myths About Credit: Myth #7 (Income)

Myth #7: My income (how much I make) affects my credit score. Reality: The credit bureaus don’t care how much you make, only your ability to repay back the credit that was extended to you. This information is reported to them by your lenders. Actually, your income is not even reported on your credit report just other employer information like company name and address. Your income has no bearing on […]

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