Credit Myth of the Day

 

Bad Credit is Better than No Credit…False!

This is a common myth. If you have bad credit, you may have a lot of work to do cleaning up past due accounts and collections before you can start to rebuild. Depending on just how bad your credit is, you will likely be turned down for loans and other credit products.

If you have no credit, there are ways to establish it. Some lenders can even create a credit report for you. They can create a non-traditional credit history by using the payment history of things that aren’t typically reported on a credit report like rent, utility, phone bills, etc. This can be pretty useful when applying for a home or car loan if you have no credit history. A non-traditional credit report is not an option for someone with bad credit.

Do you have questions on how to rebuild from bad credit or how to establish credit when you have none? Just ask below in the comment box!

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