Empowerment Financial Group is a licensed and bonded credit repair agency that works closely with the bureaus; to ensure our clients are 100% satisfied with the services we provide for them. We believe that bad credit can happen to good people and we want you to know that you’re not alone. Today we’re going to cover a few common myths about increasing your credit score.
- You can opt out of credit card offers to help increase your credit score because there will be fewer credit inquiries on your report. However, those inquiries are considered “soft” inquiries and don’t affect your credit score. You can keep the offers coming if you want, but doing so won’t help you build better credit.
- You can bump hard inquiries off your credit score. A “hard” inquiry is generated when creditors pull your report or score after you apply for a loan or line of credit. Your score falls because it shows you’re interested in taking on more credit and therefore, more risk. Some consumers believe that if they pull their credit report every day to load up on “soft” inquiries, they will bump off the hard ones that weigh on their credit score. However, it’s speculative. There’s no indication there’s a finite amount of space for inquiries
- You can increase your credit score by closing old accounts. Closing accounts typically won’t help your score and could possibly dent it. The results? You can shorten your credit history eventually and leave you with a smaller amount of available credit, both of which can harm your efforts to build better credit.