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Money Baffle - July 2008

Can You Believe Those Offers To Clear Up Your Credit Report Instantly?

July 9th 2008 02:07

You know, I just love those advertisements that pop up every now and then from some company that says it can clear up your credit history like magic. It’s not true. If you pay money for something like that, it’s not going to get you anything. I have never tried this, but I’m sure that somewhere they have a disclaimer that says something to the effect of …not guaranteed.

Only time can improve your credit score. Of course, along with that you need to pay your bills on time and limit the amount of credit you use. These things combined will improve your credit rating.

After saying the above, I will add that there is one special resource that can quickly improve your credit rating when you are buying a house. That can only be done by certain mortgage brokers (sorry I don’t know all of the details) and will cost you. It also is not a guarantee but something they do can help sometimes. They should also explain to you that sometimes in the process something new appears on your credit report and you can end up with a lower credit score.

Other than this, don’t trust any offer to quickly erase bad credit and improve your credit score.

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Comments

3 Comments. [ Add A Comment ]

Comment by S.L.

July 9th 2008 02:12

The Political Brief

I found out something the hard way a few years ago. If you are shopping to buy property or for any other credit purchase, don't shop around too much. Every time someone checks your credit report, your score goes down!

Good informative post, Jen.

Comment by Jen

July 9th 2008 02:17

Job Champion
Money Baffle

That's a very good point. You also shouldn't be shopping for a new credit card or car before buying a house. You want the best rate possible when you are looking for a mortgage.

Comment by Cibbuano

July 9th 2008 02:35

20/20 Filmsight
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Hunt Famous
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Fat Cult
Techbreak

I'd be wary of any claims like this... hard-working people were already suckered in by the subprime mess...

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