Credit Myths
Like they say, “Knowledge is power.”
Many times people either act on false information or fail to act because they didn’t know what could be done to their benefit.
This is the case in many areas of life, but on the top of that list is money. And in the money category, you will find lots of misinformation about credit.
There is so much to talk about on the topic of credit myths that an entire book could be dedicated to it.
Let us start with the granddaddy of all credit myths.
Myth 1: If I cosign a loan for my friend, it has no affect on my credit.
Fact: When you cosign a loan, it’s like you took the loan on your own! It may be true that your friend is the first one responsible for the loan, however, if they default, it’s completely your problem.
Myth 2: There’s nothing I can do about it now. My credit is destroyed forever!
Fact: As long as you work, starting today, to rebuild your credit, you’ll eventually get it under control. Rebuilding your credit means: (1) Paying on time; (2) Looking for better credit options; and (3) Learning more about money and...
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