| When it comes to your own personal finances, there | | | | credit report. These are known as, hard and soft |
| are certain things you will either never do or will stop | | | | inquiries. A hard inquiry will be made by a company to |
| yourself doing. Why? Because you believe it will effect | | | | which you have applied to for credit. This will effect |
| your credit score. If you really want to know how to | | | | your credit score. However, a soft inquiry may consist |
| improve your credit score, then you need to stop | | | | of you wanting to check your own credit report or a |
| listening to many of the rumours and horror stories. | | | | company wishing to obtain information for marketing |
| So what are the 3 biggest misconceptions when it | | | | and promotional purposes. A soft inquiry will have no |
| comes to Bad Credit and improving your credit score? | | | | effect whatsoever on your credit score. |
| 1) Shopping around for Credit will lower Your Credit | | | | 3) You are unable to fix Bad Credit - All forms of bad |
| Score - this is not strictly true. Firstly, if you are | | | | credit can be repaired. Yes i agree, in some instances, |
| shopping around for credit cards, then, yes | | | | it may take a lot longer. However, you are always able |
| unfortunately, every single search made by a | | | | to once again build a positive credit rating. It is a |
| prospective creditor will appear on your credit report. | | | | question of educating yourself correctly and |
| This, in turn can have an adverse effect on your credit | | | | understanding what potential lenders expect from you. |
| score. However, when it comes to mortgages, home | | | | In addition you need to be aware of certain things you |
| equity loans or any type of personal loan (e.g. car loan, | | | | are able to do, when it comes to removing adverse |
| debt consolidation loan), you can apply for a loan to | | | | items from your credit report. |
| various lenders. As long as all your loan inquiries are | | | | If you have Bad Credit or need to improve credit |
| made within 14 days of each other, then this will only | | | | scores then please don't be held back by things you |
| appear on your credit report once. | | | | have heard. Always make sure that you have the |
| 2) Whenever you check your Credit Report this will | | | | correct information to hand. Time and time again |
| lower your score - Once again not strictly true. There | | | | people make the same mistakes when it comes to |
| are two types of inquiry that will be noted on your | | | | worrying about their credit rating. |