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This is not accurate. A low Credit score also effects:
This is one of the biggest misconceptions in the industry. The relationship between the balance and the limit on any Credit Card GREATLY affects your Credit Score. We understand how you can regain lost Credit Score points by properly positioning your balance to limit percentage. If you want to have your Credit report Analyzed, we can help!
Not necessarily the case. Institutions who review your credit like to see you maintain 3 active Credit Accounts.
If you are a Credit Seeker and have continuing inquires on your Credit Report…your Credit profile will definitely take a hit. If however, you are shopping around for best Mortgage rates, best Car Loan rates and inquiries of the same nature are all made within 14 days of each other, there is no impact on your Credit Score.
Definitely NOT the case. It really depends on how old the collection is. If you pay an Old Collection, it activates that reporting item on your Credit Report. When this activity gets reported to the Credit Repositories, it shows as “recent” collection reporting and you can lose a significant points off your Credit Score. Call us before you pay old debts!!