Myths Debunked for Credit Repair in 2012

(firmenpresse) - PHOENIX, AZ -- (Marketwire) -- 12/28/11 -- If you're looking to in the New Year, make sure your game plan does not include any of the following false assumptions. "Though there is no better time than now to improve your ," says Meredith Simonds, "if you're not careful, you could do your more harm than good."

Deleting accounts could mean shortening your credit history, a key factor in how your credit is scored. It's definitely true that the older your credit history, the better. Deleting accounts also negatively affects your potential utilization rate (i.e., available credit vs. how much you are using). The less available credit you are using, the better.

While your credit score is helped by opening up new accounts on occasion, opening numerous accounts is harmful. While with the more accounts you have you will have a greater and favorable utilization rate, creditors will wonder why you need so much credit.

While it may feel good to pay off , keep in mind that "late payment," "charge-off" and "in collection" marks will remain on your credit report. That is, unless you ask your creditors to remove them as a condition for making the payment.

Again, while it may feel good to pay off your balance before the due date, it will make no difference to your unless you do so before the closing statement date.

While it is by no means favorable to have any delinquent debts, some are less harmful than others. For instance, it is less damaging to your credit if you pay late on , than paying late on mortgage and car payments!

About CreditInfoCenter.com:

Founded in 1997, CreditInfocenter.com is a one-stop destination for consumers looking for free advice on and . It advocates the self-help approach to credit and debt management. Kristy Welsh is the Editor and Founder of CreditinfoCenter, as well as the author of several books on personal finance, including Good Credit Is Sexy.

For More Information on CreditInfoCenter.com:

Good Credit Is Sexy:





For Press and Media:
Kathleen Richards
CreditInfoCenter.com
480-990-3938

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Bereitgestellt von Benutzer: MARKETWIRE
Datum: 28.12.2011 - 17:00 Uhr
Sprache: Deutsch
News-ID 100078
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