Things You Probably Didn’t Know About Credit Cards

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A credit card effects are helpful or harmful depends on the skills and knowledge of the user. Here is everything you need to know in order to make the most out of this particular financial tool, taking advantage of its benefits without falling into any traps.

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Things You Probably Didn’t Know About Credit Cards:

Things You Probably Didn’t Know About Credit Cards

Did You Know ?:

Did You Know ? You may have been using your credit card without making full use of its advantages ? Here are 4 credit card facts you probably did not know, but should! Here are the common things, according to Kramer, most people tend to get wrong about their scores. Credit reports aren’t credit scores There are alternatives to FICO You don’t need debt to build credit Medical debt isn’t treated differently

Credit Reports aren’t Credit Scores:

Credit Reports aren’t Credit Scores Experian, TransUnion, and Equifax generate credit reports. A credit report is your financial history. It’s silent on whether you are eligible for a mortgage, credit card or an auto loan. That’s the job of other companies such as FICO and VantageScore. They analyze your credit report to assign you the three-digit number.

There are Alternatives to FICO:

There are Alternatives to FICO VantageScore is probably the most well-known. Even inside FICO, there are more 50 different models in use. There are more than a thousand different score models that companies use. Some basic models include ones used auto loans, home loans, credit cards and insurance. It’s possible to have a great score for credit cards and a poor score for a home mortgage!

You don’t need debt to build credit:

You don’t need debt to build credit Many people get new credit cards and then make only minimum payments with the assumption that it’s good for their score. Paying your credit cards in full each month is the avenue for high scores.

Medical Debt is Not Treated Differently:

Medical Debt is Not Treated Differently No one knows where this idea comes from but nearly everything thinks that credit bureaus treat medical payments differently. Kramer insists it isn’t true. In fact, medical bills, like any other expenses, will lower your credit scores.

Start Rebuilding your Credit Scores NOW!:

Start Rebuilding your Credit Scores NOW!

Contact Us:

RL Kramer LLC 424 Baker Ave, Unit 1664 Whitefish, MT 59937 Phone: 406-730-7989 Fax: 866-352-2595 Email: information@rlkramer.com Website: http://rlkramer.com Contact Us

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