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Bad Credit Myths
(Touch the Myth to see the FACT)
- Myth:"Buying Things Online is the ONLY way my Identity Can Be Stolen."
- FACT
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Spyware and Adware are the primary ways thiefs steal your identity online. See our Identity Theft page for more...
- Myth:"I have a Bankruptcy/Foreclosure. I can NEVER get a home loan."
- FACT
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Not True! There are plenty of lenders who will lend under those circumstances and it has less to do with your credit than you might think... See our Do I Qualify page for more...
- Myth:"I don't make enough money to have good credit."
- FACT
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How much you make has NO impact on your credit score. See our Do I Qualify page to find out what DOES impact your credit score...
- Myth:"I Have Bad Credit and now I have to suffer for seven years."
- FACT
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Nope! A bad credit home loan and a good plan can get your credit score back to normal in no more that 2 YEARS!!! See our Strategies To Improve Your Credit page for more...
- Myth:"My Credit Report has errors--there is nothing I can do about it."
- FACT
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Yes there is! You can remove ALL erroneous information from your credit report. See our Credit Repair page for more...
- Myth:"Credit Card companies only report to the Credit Bureaus if you carry a balance."
- FACT
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Credit Card companies report every single month REGARDLESS of your balance. See our Fine Tuning Your Credit page for tips on how to take advantage of this...
- Myth:"When I pay off a past-due account, such as a charge off or a collection account, it will show "paid" and will no longer be negative."
- FACT
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A Paid Collection is just that: A PAID COLLECTION. The item needs to be removed from the report on order to increase your FICO. See our Credit 411 page to find out how...
- Myth:"Bad Credit is OK--my FICO score is only used for big purchases like cars and houses."
- FACT
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Not True! Did you know that there is only ONE car insurance company that DOES NOT pull your credit before giving you a quote? Find out who it is on ourCredit 411 page...
- Myth:"Playing the 0% interest, balance transfer game can save me money."
- FACT
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It CAN, but you need to be careful how you go about it. See our Good Debt vs. Bad Debt page to find out how to avoid the pitfalls...
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