Sam Thompson

The following is a guest blog by Sam Thompson with Community Southern Bank. The views expressed are not necessarily those of GeorgiaMoves.com

Here are some common credit-related questions that I hear frequently:

How do I go about re-establishing my credit if I lost my home in a short sale or foreclosure?

What should I do if I filed bankruptcy several years ago to re-establish my credit and increase my credit scores?

What should I do if I was out of work for a year and have been delinquent on all of my credit-related obligations?

What should I do if I have never had any credit cards, car loans, bank loans or any kind of traditional credit?

I will answer these questions and more in this article. Let’s start by explaining

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Credit Myth 1 – Pay Collections

The following guest blog is written by Teressa McIntosh with HOPE Credit Service.

Paying collection accounts is usually the first place people start when deciding to try to fix a damaged credit report. However, the idea that paying off a collection account will boost a consumer’s credit scores is, unfortunately, very wrong. The FICO credit scoring model was built to help lenders predict the likelihood of a borrower going 90+ days past due on a loan within the next 2 years. If a borrower is likely to go 90+ days delinquent on an account within the next 2 years then a lender will probably consider the borrower to be a bad credit risk.

When a consumer pays off an outstanding

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