How to Maintain Your Good Credit Report and Score

In an economy riddled with increased expenses and stringent credit standards, the businesses and households that will successfully navigate through the economic hailstorm will do so because their credit scores will get them access to credit and cash, empowering them to forge ahead and capture opportunity while those around them fold.
Great fortunes are made in times of great peril. Like no other time in the last 80 years, those with great credit will have the opportunity to capitalize on opportunity for long-term success.
How Can You Be One of the Winners?
The information provided in this special report will help you or your business improve your credit scores regardless of where you are right now.
If you have excellent credit, this report will help you ensure that it stays that way.
If you have good credit, this report will help you improve it.
If you have fair to poor credit, this report will help you improve your credit scores and ensure that you avoid the extremely painful adjustments that await those who take no action.
Over the next few days, we'll discuss each step in detail.
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Credit Card Myth #10

Myth #10: Those Pre-Approved Credit Card Offers Do Not Hurt Your Score – FALSE!

Just because credit is offered to you, does not mean that you should accept it. When you receive one of those pre-approved credit card letters in the mail, your credit report has not been pulled yet, so you are NOT approved for the account. Once you pick up the phone to call the creditor, they will pull your report and you will be penalized immediately for the hard inquiry (10% of your score.) It is best to avoid these types of special offer credit cards (including Department Store offers of “Open an account today to save 15% off of your purchase.” The scoring system frowns upon 3rd party finance cards.

In Conclusion

The bottom line about misinformation? It’s always going to be out there, and many empty promises presented are tempting-but if something seems too good to be true, it probably is.

Hope this clears up some of the confusion, please feel free to share this information.

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Credit Card Myth #9

Myth #9: Making Arrangements to Pay a Charged-Off Credit Card Account Will Help Improve Your Score – FALSE!

If you have an old charged off credit card debt and you make payment on it, or make a written or oral promise to pay it, you will renew the 7 year credit reporting statute from that date. The best path to take in this instance is to debt negotiate. Offer the creditor .30 – .40 cents on the dollar as payment in full in exchange for a deletion letter from the creditor.
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Credit CardMyth #8

Myth #8: Marrying Someone Who Has Poor Credit Will Hurt Your Credit Score – FALSE!

Although getting married generally means that you’ll be combining finances, your credit reports won’t be combined. If you open a joint account, the credit information will show up on both reports, but your (or your spouse’s) past negative credit history won’t be reflected on the other person’s credit report unless you add your spouse as an authorized user to an account that has a negative history.
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Credit Card Myth #6 & #7

Myth #6: The Type of Credit Card Doesn’t Matter – FALSE!

The credit scoring system does not like third-party finance cards (i.e. department store cards, furniture store cards, etc.) Always try to stick with major credit cards (i.e. Visa, MasterCard, etc.)

Myth #7: Your Divorce Decree Protects Your Credit Score – FALSE!

Even if your divorce decree stipulates that your ex-spouse is financially responsible for debt that is held in both your names, you remain financially liable for that debt until it is paid in full. Both of you entered into a binding contract with the creditor. If your ex-spouse is named as the responsible party for a jointly held debt, and you cannot afford to pay off the account and close it immediately, then you should monitor the account closely to make sure it is being paid on time. Otherwise, negative payment history information will appear on your credit report, and could drop your score by up to 75+ points overnight. Keep in mind that it is against the law for a creditor to remove a late pay without documented proof that it was their error. One late pay can affect your score for many years.
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Credit Card Myth #5

Myth #5: Becoming an Authorized User on Someone’s Credit Card Makes You Legally Responsible for the Account – FALSE!

It is true that any activity on these accounts, good or bad will show up on your credit report if you are an authorized user, but unless you are a JOINT owner or Co-Signer of the account, you are NOT legally responsible for terms of the agreement with the creditor, and you can have your name removed from the account at anytime. Keep in mind that if any negative history reported during the time your name was on the account, that history will remain, but no further negative history will be reported.
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Credit Card Myth 4

Myth #4: Closing Credit Card Accounts Will Help Your Score – FALSE!

Don’t close credit card accounts at all, with the exception of closing a joint account after a divorce. You will lose points in two factors when you close a credit card account, both in the Amounts Owed factor which is worth 30% of your credit score, and in the Length of Credit History Factor which is worth 15% of your credit score. (These 2 factors combine to make up nearly half of your credit score, so pay attention here.) The more available money you have that you are not using, the better your score, and once you close the account, you lose the available limit on that card. Also, a common misconception by consumers is they believe when you close a credit card account, any bad history on that account goes away. This is not the case. That history stays with you.
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