Did you know that your credit score could have a tremendous impact on your life? That is why it is always a good idea to stay on top of your credit by paying your bills on time. Unfortunately, not everyone can do that based on a host of financial related circumstances. If you are planning to make a large purchase, such as a house or automobile, you may not have the cash to pay for it outright. In fact, the vast majority of American consumers use credit to make those large purchases. In order to do that, you need to apply for a mortgage, or car loan with a lender.
If you have good credit there is a significantly better chance that you will be approved for the loan. Even if you are approved for the loan with less than perfect credit you will end up with a higher interest rate, which means your monthly payments will be higher. Since there are a plethora of falsehoods about credit scores and what impacts them being spread out there, we have decided to put together a series of articles that separate the facts from the fiction.
That way you will know the things to avoid that lower your credit scores, and what to do in order to or help increase your credit scores if need be. So without further ado, here is the 5th biggest credit repair myth exposed.
Credit Report Myth #5: Soft Inquiries Do Not Hurt Your Credit Scores
Far too many consumers are told that soft credit inquires do not hurt your credit scores. This is a complete and utter myth. In fact, each time you have a soft inquiry on your credit report it reduces your credit score by 2-6 points. Although that may not sound like a lot of points, think about it this way. What if your current credit score is only 4 or 5 points above the minimum credit scores that are required to qualify for a particular credit card, loan, or even a mortgage?
That 4 or 5 points can make all of the difference in the world. A soft inquiry, or soft credit check, typically occurs when your credit is pulled without you knowing about it. In essence these inquiries are not approved or initiated by you. If you are receiving a high amount of soft credit inquiries, and your credit is suffering because of it, please consult with a Consumers Rights Advocate ASAP.
If you feel that you are being treated unfairly by a creditor or collection agency, please contact us immediately. Legal Rights Advocates, PLLC is a consumer advocate law firm that focuses on consumer rights protection services across the Unites States. We have well over twenty-five (25) years of combined experience helping consumers that are experiencing Debt Collector Harassment, Social Security Disability issues, and a whole lot more. LRA is truly your consumer rights advocate. We take great pride in the fact that our job is to protect you from deceptive and or abusive debt collection practices.
Our goal is to assist you each and every step of the way regarding your rights for consumer protection. Please call us today for more information at 855-254-7841 or click here for a FREE Case Review. We look forward to working with you.
(855) 254-7841
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