10 Credit Score Myths BUSTED

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In this video we look at 10 myths about your credit score and tell you why they aren't true!

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[MarkReese]

Fantastic video & great that you brought up Myth #6 🏆

[constitutionalattorney]

Good stuff. I’ll add one point re negotiating with debt collectors. The law varies by state, but you can revive an old debt (restart the statute of limitations) by making a payment or promising to pay. Be careful not to fall for the trap where you offer an amount to settle the debt, and the bill collector says, “I think I can make that happen, but to show your good faith intentions, send me a $100 payment.” He’s trying to get you to reaffirm the debt.

[Smart_Think]

You can typically get credit cards to remove a late payment from your credit report if you do not have issues with paying on time. Amex does it courtesy once a year or so if you request it

[tddemyers]

In the short run closing a credit card does not hurt your score if your Utilization is still good after closing the account ( under 10% ) reason is because the card even though closed still reports for the next 7-10 years… assuming you paid the bill on time your go to go!

[AllHailNannerpuss]

I feel like Dave Ramsey's "no credit" advice is for people who can't handle credit. I couldn't imagine having no credit.
Rental Cars?
Mortgage Loans?
Cash back?
Rewards?

[daveclark]

I closed two credit card accounts recently in order to increase my credit score. I don't carry a balance on cards so losing the available credit wouldn't hurt me. Each card had 11 months of history which is less than my average credit age. Closing the cards increased my average credit age which increased my score. I only opened the cards for sign up bonuses.

[SpencerJohnsonOfficial]

Looking to get into real estate in the next couple of years, myth #5 was super helpful. Great video Ben!

[ngin]

I'm not sure you're correct about the carrying a balance myth. After experimentation my credit score shows as about 30 points higher if I have a very very very low balance vs having no balance.

However, that is also based off of the vantage scoring algorithms. It'd be nice if it was more transparent about the differences between the algorithms that are used.

[featherpony]

What's funny is... in the stock footage at 0:45 the lady has her magstripe on her card facing the wrong way. There's no magnetic read head fit into that thin plastic guide on the outer side of the credit card terminal. How does she expect the machine to read the wrong side of her card?

This is a mistake I notice new Chick Fil A employees make when attempting to load money onto gift cards. A little bit of logic and common sense tells you which side the credit card machine's electronics are.

[Surfer]

Pay to delete. It definitely works. Got me 75 points.

[Slomotion-wsod]

Very informative video and thanks for sharing!👍🏿👍🏿

[aidancollins]

Great video as always. But not a good sponsor. I signed up, tried it out, way too hard to set up so I canceled.

[jacintakilonzo]

Wow I thank that now am in a position to understand

[deborahanderson]

hello there, there are 28 fico scores

[georgesenda]

Due to an bus accident last year where I could not walk for months & was horrible pain 3 of my credit cards were charged off. I hate collection agencies. Is there a way to contact the original card issuers & pay off the accounts & remove the negative items ?

[anthonygardner]

Thanks for the video. It’s a good summary. But, please remember that marriage is not always between a man and a woman.

[arey]

Mine just dropped 11 pts. Idk how if I’ve paid off my cards on time and I paid them in full. Maybe it’s just sofi because my chase still shows it at 815

[GeorgeEconomides]

Does Smart Credit 💳 use the FICO score or Vantage??

[Adam-llgh]

Following your advice about climbing the credit ladder has benefited me greatly! Thanks for the great content

[giritejs]

Using 90% of credit limit and paying back 80% before bill date affect credit score? (Utilisation will be less than 10% in this case)

SOMEONE PLEASE ANSWER, NO ONE ANSWERS THIS QUESTION.