Oct 182017
 

MYTH #13: Paying My Credit Cards Will Increase My Credit Score

REALITY: Making your credit card payments on time will give you a good payment history and over time this does have a positive impact on your credit score. However, if you want your score to quickly improve, pay down the balance on your credit cards. This will cause your revolving "utilization rate" to become lower, increasing your credit score.… Read the rest

Jun 092017
 

Paying off an old collection or charge off will increase your credit score.
This is a huge MYTH!

Effects of Paying
When you pay an older collection account or charge-off account, your credit score most likely will suffer.
Think twice before paying off an old collection or charge off. By paying your debt, it renews the date of last activity. The collection company or creditors can now report the account for another 7 years.… Read the rest