credit report: 5 Credit Myths That May Bite You In The Butt - 02/19/16 04:28 AM
There are many myths and misconceptions about credit, which, unfortunately, too many of my prospective borrowers looking to by a home in the Montrose, Colorado area learn about the hard way--at the time they apply for a loan.  Below are 5 of the most common myths I see.
Myth No. 1.  Having no debts or credit cards makes me creditworthy.  
This is certainly one of the most prevalent.  I see it often with borrowers who went through a financial crises, such as bankruptcy or foreclosure, or who deal in cash because of their cultural upbringing.  The problem with this when you need a … (3 comments)