Demetria Gallegos
speaker
238 appearances
5 recordings
1 series
first heard Feb 2018
last heard Aug 2023
Demetria Gallegos’s voice in public audio — every appearance, attributed to the second.
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Appearances
There is a persistent myth that I know that many people in this credit industry are trying to bust, that by demonstrating activity on cards at all time, that is by carrying a balance from month to month, that you are somehow improving your credit score.
But that's complete misperception.
In fact, all you're doing is costing yourself potential interest and harming your other financial objectives around the use of credit.
No, it's not necessarily seen as late payment if you have made your payment on time, but if you haven't paid it off in full and you are carrying a balance, that doesn't help your creditworthiness assessment, and it only costs you interest on the amount you haven't paid off.
This is another myth that seems to persistently confuse people.
We know from a credit card insider survey that 42% of respondents thought that using their debit card or selecting the credit option on a debit card transaction was going to help their credit score.
In fact, it does not.
And we understand this confusion.
You have two cards in your wallet.
One is a debit card with a Visa logo.
The other is a credit card with a Visa logo.
There's no reason for a user to necessarily discern the difference.
But that debit transaction is never reported up to the credit reporting firms.
Yes, there are new areas of your financial life that credit reporting firms now have the possibility of monitoring with your permission.
For example, if you have enrolled in a rental reporting firm, you might get the same credit for paying your monthly rent on time that a mortgage holder gets for making their mortgage payments.
Or you can permission Experian Boost.
You can allow them to see your bank account activity when it comes to the payment of phone and utility bills.
And so they say that about 2 million people have boosted their score about 10 points by permissioning Experian to record that activity now.
And also next year, Ultra FICO is going to allow consumers to basically demonstrate responsible behavior and essentially more creditworthy behavior through their management of their bank accounts, their money market accounts.
If they have kept a steady balance, if they have avoided overdrafts.
Showing 121–140 of 238 · page 7 of 12
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