I was riding in the car the other day and for once, I was listening to the radio. Usually when I am in the car, I listen to my Ipod. That way, I know I will like the songs that are playing and I do not have to listen to the annoying radio DJ's and all the commercials for products I don't want or need. On the station I was listening to, the male and female DJ were promoting an upcoming event and they were giving away free tickets. The female DJ said she should try and win the tickets because she did not have the money to go to the event because her mortgage payment was coming up. The male DJ asked her when she usually paid her mortgage. She replied she paid it before it was late; usually on the 14th so she would not have to pay a late fee. The male DJ responded by telling her that her credit must be bad. The female DJ asked why to which he responded, "You know they report your loan past due after 10 days." The female DJ was dumbfounded and could not believe she had been "late" all those times. He then asked her if she checked her credit score recently and she said no because "checking your own credit hurts your score." I know the people in the car next to me probably thought I was crazy because my mouth just dropped as I could not believe what I had heard.
WHAT are these people smoking? First of all, late payments are not reported to the credit bureau until you are more than 30 days late. I have had a mortgage for the last 5 years and I have always waited to pay my mortgage until around the 10th or 11th of the month. It was NEVER considered late and I have never had a late payment report to any of the 3 credit bureaus. Correct me if I am wrong but has any of you who paid before the 15th have a late payment show up on your credit report?
Secondly, checking your own score DOES NOT affect your credit score. Again, I check my credit score all the time and my credit score does decrease unless I accumulate additional debt or apply for additional debt.
It scares me to think how many people heard that and freaked out about late payments on your mortgage after 10 days and you are hurting your credit score by checking your credit report.
I think just as the news reporters need to verify the information they are giving is correct, so should radio DJs.
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Where do you check your credit score? The only places I've seen to check my credit score do so for money. Even the 'free' ones do it for free for a few weeks and then they begin billing you and you must call them to cancel.
I use TrueCredit to monitor all 3 credit bureaus. I am able to get daily credit scores (FAKO's) for each.
Bronx chica- it's almost about he time for me to check my credit history. I tried doing it every 4 months from the 3 bureaus. Also that DJ must have benn on something while doing that show..lol