Ken: Daria, let’s make this like a 40 minute video. I'm so excited about this. Let’s just talk.
Daria: He just said, “Keep this moving.” That’s why I’m laughing.
Ken: Anyway, we’re glad you’re with us. We love to talk with all of our friends at Dolans.com. One of the things we talk about on television and radio and certainly here on Dolans.com I don’t know how often is the power of good credit, but still Daria, there’s a half amount of people that don’t know a lot about, a lot of myth smoothing around.
Daria: There are a lot of myths.
Ken: Well I say mystery myths. Myths, I think are enough for America.
Daria: Urban Legends, it’s easier to say. So we’re going to take some of those most compelling urban legends and we’re going to not to stuffing out of them.
Ken: Let’s talk about first one Daria, a credit counseling hurts. If I go to our credit counsellor, it’s not, that’s not good for my credit scrub. Well, I suppose the inquiry will likely show up on your quarter report maybe but how does the word bankruptcy bring about it. I think that’s all relative about it.
Daria: Or missed payments, or leans against you, or whatever foreclosures. Pick a topic.
Ken: You need help to work.
Daria: So as much as it may hurt, if you need to help go seek out, so you don’t do anymore damage.
Ken: Myth numbers two. You only have one credit score. Now, there are three credit agencies and we’re hoping Daria we are anodizing and helping that they are all exactly the same but not necessarily so check.
Daria: As the old fact Wailer song says, “One never knows, do one?”
Ken: Don’t look at me when you say that. Do you have proof?
Daria: So you need to check all three of them, and you’re entitled to one free when every year. Lots were passed a few years ago so by all means, make use of them.
Ken: What website? Free annual rep—
Daria: Freeannualreport.com
Ken: No, annualcreditreport.com.
Daria: Oh, that’s it yeah!
Ken: That’s right. It’s not free.
Daria: Not the free one isn’t free.
Ken: And you think this was scripted huh, Annualcreditreport.com.
Daria: Okay.
Ken: Alright, give me a hard to prove, hard to fix faulty stuff on my report but inaccurate information.
Daria: That is almost true because it is difficult to do, but if you find something that’s incorrect on one of your credit statements, contact the bureau, log your complain, tell them what’s wrong about the information.
Ken: What’s this 30 days here?
Daria: By law, they must remove it for 30 days while they investigate.
Ken: Exactly.
Daria: It could end up back on your report however, if they claim they can’t find anything corroborating your story. Therefore, you then have the right to add a 100 word disclaimer saying this is incorrect and this is why it is untrue and this is the truth but beware. If you’re going to apply for credit, for car loan, for house, for whatever, make sure you tell that to the person you’re talking with working on the loan because a lot of machines read this nowadays and your 100 words won’t be seen by a machine.
Ken: Checking my credit score will lower my credit score. No, not you checking your credit score if you do it through a credit reporting agency one of the big three or myfico.com, but I mean don’t start going to a lot of dealers and getting a car price in 16 different places and then—
Daria: Or signing up for bogus credit cards all over the place.
Ken: Exactly right.
Daria: That’s always an inquiry when vendors applies for and look at your credit history so that counts against you. But if you’re checking your own, then it’s just not count against you.
Ken: I have three quick ones. I'm on my parents cards so I will inherit their credit card history can I help it? I hope it’s good. But those days are gone because FICO scores no longer reflect an authorized user so don’t drive out kids.
Daria: My income influences my score also incorrect and has nothing to do with your credit score. It’s a history of how you pay your bills. That’s what your credit scores is all about, income.
Ken: Now reflective of your—.
Daria: Age, gender or income.
Ken: I’m always remembered by AGI just the gross income but you’re right exactly because it’s a tax plan, age, gender.
Daria: Age, gender and income.
Ken: And last but not the least—
Daria: That was good AGI I like that.
Ken: Made enough just right now. It’s hard—
Daria: Your AGI doesn’t count.
Ken: It’s hard to believe how could am I on my feet, isn’t it?
And the last one is too many inquiries can hurt my score. I suppose that’s true, too many is not good but you can still shop for a loan. You may not know this. You can shop for a loan for the second example, and a number of people can check within a 14 day period because anybody check in your credit will say, “Alright, well they are looking for a loaners or something” Within that tight period. We’re not talking credit cards.
Daria: No.
Ken: Don’t try to apply for 17 credit cards and then the 17 inquiries. We’re talking about shopping for a loan within a specific period of time.
Daria: Because don’t forget if you use one of this online mortgage places. I can’t think of one right now of the evergreen notes and it’s not lending tree that’s it.
Ken: A lending tree or countrywide.
Daria: I know it had a green leafy taking it.
Ken: Time is running out Daria.
Daria: Lending tree. They’re going to send your information or to lots of lenders. Those lenders are going to check who you are credit wise so that will put a whole bunch of inquiries on you, but you’re looking for one mortgage so it doesn’t hurt.
Ken: Say goodbye. We’re the Dolan's.
Daria: Goodbye. We’re the Dolan’s.
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