What credit myths do you hate the most? ?

* That FreeCreditReport.com is really "free"

* That some people believe that they can go to jail over defaulted debt - that debt collectors have the right to have them arrested

* That a letter from a debt collector threatening legal action is a real "summons"

* Confusing the statute of limitations with the 7 year reporting cycle on credit reports

* That filing BK will destroy your credit forever - it won't

* People co-signing loans for friends/relatives/lovers with horrible credit and not being aware that their credit will be ruined when the person inevitably defaults

* People co-signing not realizing how difficult it is to extract themselves from these loans

* Some believe that credit card companies will accept settlements on accounts that are current

* That only debt settlement firms have the power to make settlement offers on debt

* Slightly off topic: Students getting themselves into massive student loan debt and not realizing that this type of debt can never be discharged through BK...that there is no statute of limitations on it...that the debt can double/triple if they default.

Backing you up on this one. Bankruptcy definitely does NOT ruin your credit life for several years. Credit can be gotten within a few months of discharge. I see it happen all of the time. Normally it takes about 2 years after discharge before you can qualify for a decent mortgage. This past summer we had a previous client call for paperwork because he was refinancing the house he bought 6 months out of bankruptcy. Car dealerships are pretty good about financing to people right out of bankruptcy.

That closing an unused credit card account will help boost your score, especially when applying for a mortgage.

Submit your Business Opportunity / advertisement for free : http://tolong.in/ .