credit repair

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5 Common Credit Myths

Credit Myth 1: “Going over the balances on your credit limits is okay, because after all, the credit card company authorized the purchase.” 

This myth seems like it has its origin story as a rationalization from a compulsive spender, doesn’t it? Regardless, it’s not true in any way, shape or form. What will ultimately show on your report is the amount of credit that you used versus your credit limit.

Credit Myth 2:  “As long as you pay off your credit card balances, your score will go up.”  

The reality is that if your credit card is maxed out, you’re paying on it will just affect your payment history and mostly like it will remain the same.  As you pay credit cards down, then your score will get better, as your utilization rate goes down.  But just paying on time, in and of itself, will not make your score go up.

Credit Myth 3: “Types of Credit don’t matter, it’s all the same.” 

Actually, the credit scoring system gives more weight to some types of credit providers better than it does to others.  They give better weight to an American Express than they do to a sub-prime Visa or MasterCard.  They give more weight to Visas and MasterCards by predominant national banks that they do to furniture store cards, or gas cards, or department store cards.  They feel that consumer are desperate if they can’t attain a major credit card, therefore, they give more weight to the major credit cards.

Credit Myth 4: “Paying off an old collection or charge off will increase your credit score.”  

This is a huge myth, and it’s contagious because it makes sense. Really, though, what will happen is that as soon as you pay off an old collection or charge off, the “date of last activity” becomes more recent, and therefore they get to report that item for another seven years!  As accounts get older, they affect your credit score less and less.  Now, I’m definitely not saying that you shouldn’t pay off old debts, but it’s an important detail and something to be concerned about.     

If you’re most concerned about your credit score, then paying off debts prior to obtaining any other type of loan or mortgage will certainly hurt you greatly because they will be re-aged, and it will affect it as if it just happened yesterday.  The recency of any derogative item has a great affect on how it affects your overall credit score. 

Credit Myth 5: “Using debit cards will help to build your credit.” 

Nope. This, too, is completely false.  Debit cards are just like your bank account, they do not get reported to the credit reporting agencies in any way.

At La Familia Multiservices, we will work with you to repair your bad credit and will help you raise your credit score. We really want to help people repair their credit and we do so in a very professional way that is really personable.  We will assess your credit and let you know where you currently are and where you should be. Our credit repair specialists will help you set goals and then do what we can to help motivate you to achieve those goals. 

For details regarding credit repair please call us at 305-762-1818

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Can You Build Credit with a Debit Card?

A Debit Card Cannot Help You Build Credit

Purchases made with a debit card do not help you build credit. When you use a debit card, the funds are automatically taken directly from your checking account, so it is essentially a cash purchase.

Banks do not report debit card accounts to Experian, Equifax, TransUnion, or the other credit reporting agencies.

How to Begin Building Credit

In order to build a strong credit history, you will need to demonstrate your ability to manage credit wisely. If you are just starting to establish credit and do not yet have any credit accounts, here are a few ways you can begin:

  • Apply for and open a credit card account. 
  • Consider opening a secured credit card. Most banks report secured cards to the credit reporting agencies, so you may be able to use the account to begin building credit right away.
  • Ask a family member to add you to their account as a joint account holder or an authorized user. 

To take the first steps to credit repair, please contact Roxana at 161 NE 97th Street, Miami Shores, Fl or call 305.762.1818

Source: Experian

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The Early Bird Gets the Worm – Er, the Refund

Here at La Familia Multiservices, we have one thing in mind: you. As a dedicated tax firm with a proven record of success, we pride ourselves on helping all of our customers – individuals, small-to-medium businesses and large corporations alike – get the biggest tax returns possible. (And we’re pretty proud of it, too.) From preparing and filing your tax returns, to handling any liabilities that might pop up along the way, we’re here to make the process both easy and effective. And with tax season already upon us, there’s no time like the present to get started.

While many taxpayers like to wait until the April 15th deadline to file their returns, waiting ‘til the last minute can often make life a little harder. Here are just some of the reasons why filing your 2016 tax returns now might actually benefit you later:

You could get your tax refund early.
Think about it. It’s common sense: filing your tax returns early means an early tax refund, as well. Paper returns can take weeks, so take our advice and e-file your taxes with a direct deposit to your bank. In most cases, you’ll see your refund as soon as 10 days from the time you filed online – which means you could go on that long-awaited shopping spree in February, and not April.

You’ll have more time to pay the IRS.
Many taxpayers will file their taxes and find that have a balance due to the IRS. These payments aren’t due until tax day, April 15th, so submitting your returns in January will give you roughly three months to save until you’re able to pay them off. That’s much less stressful than having, say… three days.

You’ll get the information you need to make important financial decisions.
Our taxes determine a lot of things: like what kind of mortgage we can get, how much money the government thinks we make, what financial aid we qualify for, and the list goes on and on. In fact, when you try to buy a house or apply for financial assistance for college tuition, one of the first things you’ll need to show are your tax returns from the previous year. If you anticipate a big financial decision in the near future, file your taxes early – it will give you a head start on that process.

Filing early helps prevent tax identity theft.
As much as we try to avoid it, tax fraud does happen, and it’s an absolute pain to deal with. When your tax identity gets stolen, that means that 1) someone is trying to steal your tax refund, and 2) you usually have to go through a long, drawn-out process that could delay your refund for weeks, or sometimes, even months. These scammers aren’t new to the game and often get the job done earlier in the season. By filing your taxes in January or February, you have a better chance of evading this issue, and as a result, getting your refund quickly and easily.

Got questions? We’ve got answers. For more information about filing early, or to find out how to get started, contact La Familia Multiservices at one of our locations.

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La Familia Multiservices Celebrates Gay8 Festival

La Familia Multiservices Celebrates Gay8 Festival 2017

On January 15th, Miami’s annual Gay8 festival once again took over the streets of Little Havana, and throngs of Magic City locals – including us here at La Familia Multiservices! – couldn’t wait to take part. Celebrating all things diversity, this daylong festival has become a mecca of art, music and food for Miami’s Hispanic LGBT community, and we at La Familia Multiservices were thrilled to be able to host a booth and join in the fun.

While the festival itself only lasted one day, in true Miami fashion, the weekend couldn’t go by without a blowout; so the two days leading up Gay8 were filled with tons of dinners, art events and dance parties in Little Havana to get the party started early. During Gay8 itself, the stretch of Calle Ocho between 14th and 17th Avenue came alive with food booths and restaurants competing to whip up the best media noche sandwiches, croquetas, cafecitos and more. When we weren’t stuffing our faces (because in Little Havana, that’s what you do), we watched concerts by Palo, Suenalo, Spam Allstars on the Main Stage, or saw pop-up dance and theatric performances that kept the party going ‘til 10 p.m. If we wanted a break from the sun, we had one. Throughout the day, crowds of festival goers ducked into Calle Ocho’s own renovated cultural gem, Miami Dade College’s Tower Theater, to see a range of LGBT-tinged films like “The Day it Snowed in Miami.” And for the cherry on top of an already-cultural event, art was everywhere. In fact, Miami’s best local painters and sculptors added to the affair by selling their beautiful, thought-provoking art that impressed visitors far and wide.

Back at our booth, we at La Familia Multiservices happily welcomed hundreds of friends and clients that came by to visit and take advantage of the day. The Gay8 festival is yet another example of just how vibrant and exciting Miami can be, and for us, it was another way to celebrate our community – and of course, show it off.

For more information about all we do at La Familia Multiservices, please contact one of our locations at:

161 N.E 97th Street, Miami Shores, FL 33138

Tel: 305-762-1818

Fax: 305-762-1881



157 NE 97TH ST, MIAMI SHORES, FL 33138

OFFICE: 305-400-8237




921 Sw 27 Ave 2c, Miami FL-33135

Office: 305-392-0339

Fax: 305-456-9313