Credit Myths – Mistakes That Will Make Your Debts Worse – Part 1
If you’re in debt, your credit rating is extremely important because it represents a significant part of your ability to get out of debt. The better your credit rating, the easier you’ll find it to refinance your debt, cutting your monthly repayments and leaving you more money to pay off your debts in a shorter period of time.
However, there are so many credit myths doing the rounds that it’s difficult to know what might affect your credit rating. In fact, the gap between what people think and what actually affects credit ratings has grown to an unprecedented level.
For example, more than 50% of people don’t understand what a credit rating is, how it affects their ability to borrow, and more importantly, how it affects their ability to get out of debt. So here’s the biggest credit myths and the real truth behind them.
Credit Myth 1: If You’re On A Credit Blacklist Your Credit Rating Will Be Poor
This is one of the most popular credit mistakes. It’s also the myth that’s furthest from the truth. So let’s get this...
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