Credit Education (A myth exposed)
Some people think that just because you pay a bill on your credit file, it will improve your credit. This is not always the case. In fact, when you pay collection it will do more damage to your file. People tend to do the opposite in improving credit. Once a collection is put on your file the DAMAGE is done. You loose points the day it is reported to your file. Credit is like chess, you must learn to move at the right time. Since, credit is so complex, people tend to get misguided by others. Especially, when it comes to buying a home. It is important to start working on your file a year, before you plan to buy a house.
Prevention is the key to success. Companies tend to sell your accounts after 90 days. So if you are behind on any bills, the goal is to PREVENT any collection activity.
Another unknown fact about credit is the 30 day late payment. This one late payment, will hunt you for seven years. We still have a long way to go to correct some of the deadly traps created years ago.
It's all a trap and a big game. You will learn all the little secrets about credit from someone who STUDIES credit. Paying your bills is only a small percent of your credit. Other key elements make up your entire score.
I don't want to make this too long, however education is the key. Like Malcom X stated years ago, we been HAD. Simply because of GREED and MONEY. Sadly, most credit seminars cost thousands of dollars and are the public cannot attend. They are usually by invitation ONLY and private membership.
Keep the faith and be blessed. Author of Innocent Victims
Prevention is the key to success. Companies tend to sell your accounts after 90 days. So if you are behind on any bills, the goal is to PREVENT any collection activity.
Another unknown fact about credit is the 30 day late payment. This one late payment, will hunt you for seven years. We still have a long way to go to correct some of the deadly traps created years ago.
It's all a trap and a big game. You will learn all the little secrets about credit from someone who STUDIES credit. Paying your bills is only a small percent of your credit. Other key elements make up your entire score.
I don't want to make this too long, however education is the key. Like Malcom X stated years ago, we been HAD. Simply because of GREED and MONEY. Sadly, most credit seminars cost thousands of dollars and are the public cannot attend. They are usually by invitation ONLY and private membership.
Keep the faith and be blessed. Author of Innocent Victims
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