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Whoa…what made you think that? Paying old debts gets you to be debt free…but does not necessarily improve your credit score. It is important to understand this distinction. The creditors nor the bureaus have any vested interest in having your credit report be cleaned up. As mentioned in previous emails, the bureaus make the most

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Your FICO credit score is only one of many determining factors in obtaining new credit.. Each creditor has established their own set of guidelines and rules for extending credit. A creditor will usually require a full application that asks for many things: your income, your employment history, current level of committed expenses, your spending habits,

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  If you paid cash for everything, you would have no credit history. If you have no credit history, you have no credit! Use of credit is important to developing a great credit score. But you must follow the guidelines for keeping it great, which include: 1) keep your debt-to-credit ration under 30% per card

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A good credit score is made from the history of charging and paying off credit cards and other debts. But paying off your credit cards each month is not the best way to develop a credit history. You need to owe a bit, and pay a bit to develop it. Paying everything off each month

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  This is a common misconception. There are several factors that must be considered when applying for new credit. 1) If you apply for several credit cards at once, each occurrence will result in an "inquiry" on your credit report. Each inquiry drops your score about 7 points. So it would be prudent to carefully

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Privacy issues do not come into play with credit scoring. The application that you fill out to obtain credit is actually more encompassing that the amount of information provided to the credit reporting agencies. So if you are going to have a problem with privacy issues, it will reside with the creditor or lender, not

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This is another common misconception, based upon long ago history.  Minorities are not short changed by credit scoring. ECOA (Equal Credit Opportunity Act) was put into place in 1974 to solve this problem. The law prohibits lenders from even asking the types of questions that would result in bias related to race, color, creed, sex,

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in May 10, 2013 by in Credit Education, Your Money

A bankruptcy is a fearsome thing, to be sure. But it also has its place in the financial scene. After two years, the specter of bankruptcy diminishes, as long as your credit payments have been on time since that time. It is important to understand the differences between the types of bankruptcy filings, and how

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You can also overhaul your transmission if you know what you are doing, or walk into a courtroom to defend yourslef.  The fact is that most people don't have the experience, time, or persistence to enforce their rights on credit bureaus.  Unless you study for a long time, you as a consumer, are unlikely to

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