The Top Credit Misconceptions
Credit Score Takes Time to Go Down
You might think you have to make a lot of mistakes before there is a significant effect on your credit score but you are completely wrong. Your credit score can take a hit within a few months.
High Income Means High Credit Score
Your income does not have any impact on your credit score. It’s not about how much money you make but more about how well you manage the money. A person who makes only $3000 a month can have a better credit score than a person making $10,000 every month by managing their finances well.
Debit Cards Can Improve Credit Score
In simple words, it is your credit score, not debit score. Any prepaid and debit cards you take out will have no effect on your credit history.
It Is Best to Repair Credit on Your Own
Yes, credit repair companies charge you for their services, but keep in mind that their services are invaluable. A lot of the things your credit repair company will do can be done on your own but who will tell you what you have to do? You don’t want to go on a “hit and a miss” spree with your credit score. A professional repair company can do things within days that you will complete in months. They save you time and can look into things that you might not be aware of.