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Payday Loans: Debunking Credit Score Myths At some point and time we are all affected by our credit score; Otherwise know as a "FICO" score. Those looking at borrowing with a payday loan often times wonder whether or not a low or bad score will prevent them from getting some fast cash for temporary financial burdens. While most payday lenders won't run your credit history in order to get you approved, should you default on a short-term payday loan or cash advance, you are risking having your account sent to a third-party collector. This is when your credit score is affected. For anyone who has ever purchased a home or car, taken out a credit card, or borrowed with a personal loan of some sort, having a good credit score makes all the difference when it comes to being approved and getting a good interest rate with your loan terms. Essentially, our credit score defines us in the consumer world if we are to be seen as trusted and worthy borrowers. In fact, a FICO score can really affect a person's life when it comes to being a homeowner, lowering payments on a car, or taking out a credit card for major purchases. Some may say "You are what you eat" but I say "You are what your FICO score says you are". Taking out a no credit check car title loan or bad credit payday loan may not be a problem when it comes to your credit score but if you are concerned about your score dipping lower than what is ideal or are trying to raise your score, consider the following myths and then reassess where you are focusing your efforts. Myth #1: Income is a factor in credit score While income is definitely a factor when it comes to determining a borrower's capacity to repay what the have borrowed, it has no bearing on whether or not a person will in fact repay. In determining your score, credit bureaus evaluate what is listed on your credit report. Income is not one of those things. Myth #2: Closing a credit card account will improve a credit score It sounds logical but it's not. Determining credit worthiness comes from a consumer having a lot of "open to buy" (unused credit limits). In other words, the more a person can spend but chooses not to, makes them a better credit risk. There are some who say that utilizing less than 30% of your credit available is what will keep you score high, but the reality is that keeping your utilization as low is possible is always the most ideal for you score. In fact, it is always best to keep your credit card balances at $0. Installment loans are different. Payday loan lenders typically do not report to credit bureaus so a borrower doesn't need to worry about their balance affecting their score. Myth #3: A closed credit card will lose it's value towards a credit score The truth is that if you choose to close a credit card, the history or "age" of that account will still reflect in your credit score. FICO scoring considers open and closed accounts. While it is always better for your score when you are in good standing with your creditors for an extended amount of time, your score will not be hindered if you choose to close an account. Keep in mind what we discussed in Myth #2, though, before you start cutting up those credit cards. Myth #4: Spreading out credit card balances will may raise a score Look, you won't fool anyone when it comes to how much debt you owe. It doesn't matter if you have one credit card with a balance of $10k or ten credit cards, each with a balance of $1k. You owe what you owe and your credit report shows it. In fact, if you spread out your debt among several cards you will only have more accounts reflecting balances above $0. You can't fool the credit bureaus nor can you do anything tricky to make your score better. The bottom line is get your balances down to $0 and reap the benefits (via your FICO score) of being debt free! If you do take out a short-term loan via a payday or title lender, be sure to repay your loan and avoid going into default so that your account is not sent to a third-party lender who may report to the credit bureaus.
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