Top 5 Credit Myths That Are COSTING You BIG – Here’s How to Fix Them NOW!

Hey there, frustrated credit warrior! Ever feel like the credit reporting system is rigged against you? Well, in many ways, it IS… and today, I’m going to rip the lid off some of the most common credit myths that keep people chained to low credit scores and higher interest rates.Let’s dig into the Top 5 Credit Myths that the big banks don’t want you to know about—and I’ll show you EXACTLY how to bust through each one!

Myth #1: Checking Your Credit Hurts Your Score

The Truth:

People think that checking their credit is like touching a hot stove – but let me tell you, checking your own credit score won’t hurt you one bit. In fact, NOT checking it can lead to costly mistakes!

Solution:

Use “soft” inquiries from reliable sources to monitor your score regularly. Free credit check apps like Credit Karma, Experian, or even your bank allow you to check your score without any penalties. This way, you’ll know exactly where you stand and what’s on your report without paying a price.

Myth #2: Paying Off Debt Instantly Fixes Your Score

The Truth:

So, you just paid off a bunch of debt and expected fireworks on your credit report… but your score barely budged. WHY?! Paying off debt is fantastic, but it doesn’t always equal an instant credit score boost. It’s about credit history and patterns over time.

Solution:

To see a score increase, keep credit card balances below 30% of your credit limit and ALWAYS pay on time. This combination will improve your credit score over time. And remember, don’t close those accounts just because they’re paid off—older accounts help build your credit age and boost your score.

Myth #3: Once It’s on Your Report, It’s There FOREVER

The Truth:

False, false, false! You don’t have to let those old, damaging marks haunt your report for life. Just because a collection is there now doesn’t mean it’ll stay forever. Credit bureaus aren’t flawless, and mistakes DO happen!

Solution:

Challenge it! Use credit dispute letters to remove errors, outdated debts, or incorrect information from your report. If something is unfair or unverifiable, you have the right to get it removed. And if you need help, get a pro in your corner to assist you in drafting letters and following up.

Myth #4: Closing Old Accounts Boosts Your Score

The Truth:

This one is a BIG mistake! People close old accounts to “clean up” their reports, thinking it’ll give them a boost. In reality, closing an old account can knock down your score because it reduces your credit age and available credit, both crucial for your credit score.

Solution:

Leave your old accounts open, even if you don’t use them. Keep the oldest card you have (unless it has high fees), as it shows you’ve managed credit responsibly over time. If you must close an account, make sure it’s one of the newer ones, so your credit age doesn’t take a hit.

Myth #5: You Can’t Repair Bad Credit on Your Own

The Truth:

Here’s the big secret: YOU absolutely CAN improve your bad credit score on your own. You don’t need a magic wand, a fairy godmother, or even a high-priced 
agency. It takes work and persistence, but it’s completely possible to repair bad credit.

Solution:

Start by tackling one area at a time—dispute inaccuracies, lower your balances, set up automatic payments, and keep those accounts open. Stick with it, and 
watch your score improve month by month. And if you ever feel overwhelmed, remember there are resources, like free credit repair eBooks or professional 
advisors, who can help guide you along the way.

Final Thoughts: Now that you’re armed with the truth, it’s time to break out of the cycle of bad credit! Busting these myths and taking control of your credit could save you thousands and open up opportunities you never thought possible.

Ready to take that first step? Download our free credit score guide, “249 Point Credit Score Hack,” and start building the credit you deserve!

Arthur: Brandon Coleman

info@killmybadcredit.com

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checking your own credit score,” “free credit check apps,” “credit dispute letters,” and “free credit repair eBooks”

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