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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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in April 23, 2013 by in Credit Education, Credit Repair

(Note to consumers:  this is third in a series on debunking credit repair and credit restoration myths.  The information contained herein is deemed to be accurate, but not guaranteed) In the first editorial in this series, we defined a myth as:  something you believe because you heard it from someone else or saw it on

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in April 23, 2013 by in Credit Education, Credit Repair

(Note to consumers:  this is second in a series on debunking credit repair and credit restoration myths.  The information contained herein is deemed to be accurate, but not guaranteed) In the last editorial, we defined a myth as:  something you believe because you heard it from someone else or saw it on a website like

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in April 23, 2013 by in Credit Education, Credit Repair

(Note to consumers:  This is the first in a series regarding common misconceptions about credit repair or credit restoration.  The information contained is deemed to be accurate, but not guaranteed.) What is a myth?  Merriam Webster's Dictionary defines a myth as "a usually traditional story of ostensibly historical events that serves to unfold part of

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in April 19, 2013 by in Miscellaneous, Your Money

Let’s face it…you got into a bind.  You needed a quick infusion of cash.  You went to a money broker, commonly called a Pay Day Loan or Cash Advance.  Wikipedia says that the definition of a pay day loan is ‘a small, short-term unsecured loan”, “regardless of whether repayment of loans is linked to a

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