Myth: A collection account can only be reported to your credit once.

Busted: Once you’ve entered into debt collection, that collection can be sold many times. Each time the new creditor assumes the debt and begins the collection process it gets reported. Unpaid bills can haunt your credit score for a long time.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Myth: If you have high balances on your credit card and you pay on time it will improve your score.

Busted: High balances will hurt your score even if you pay on time. Keep your balance to no more than 30% of your credit limit.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Myth: Running your credit report will lower your credit score.

Busted: When you pull your credit report to review your credit it’s considered a ‘soft inquiry’ and it should not affect your credit score. When a lender or creditor pulls your report for the purpose of giving you a loan or extending your credit it’s considered a ‘hard inquiry’ and it can impact your credit score negatively.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Myth: All credit reports and credit scores are the same.

Busted: There are three main credit bureaus – Experian, Equifax and Transunion. Each credit report and credit score may vary. Each seek to document your credit history and reflect your credit risk.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Myth: If you only use cash that will help your credit score.

Busted: Good credit is a process of responsibly using your credit over time. You need to establish your credit history.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Myth: Credit bureaus don’t make mistakes.

Busted: 80% of credit reports contain some kind of error or mistake. That’s why it’s important to check your credit report regularly.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Myth: After you’ve paid off a past-due debt it will be taken off your credit report.

Busted: You have to wait 7 years before late payments are removed from your credit report. Bankruptcy takes 10 years.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Myth: The more money you make means your credit score will be better.

Busted: Your income and how you manage your savings account does not impact your credit score. Income and assets are not used to determine a credit score.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!