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The Top 10 Credit Score Myths
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The Top 10 Credit Score Myths

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There are certainly a lot of myths floating around these days when it comes to credit scores. It's time to separate fact from fiction with these great informative SlideShare.

There are certainly a lot of myths floating around these days when it comes to credit scores. It's time to separate fact from fiction with these great informative SlideShare.

Published in: Economy & Finance, Business

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  • 1. www.creditinfocenter.com
  • 2. Some people believe opening a lot of accounts will prove they can handle credit. It actually has the opposite effect. Lenders will wonder why you need so much credit and interpret this as a sign that you are high risk. www.creditinfocenter.com
  • 3. Checking your own credit score is called a “soft inquiry”, and soft inquiries do not affect your credit score. You can actually check your credit for free once a year at annualcreditreport.com www.creditinfocenter.com
  • 4. Closing old accounts could actually hurt your credit score because it shortens your credit history and leaves you with less available credit. www.creditinfocenter.com
  • 5. There is no such thing as a joint credit report. While you can have joint accounts that appear on both of your credit reports, your credit report is yours alone and is not affected by your spouse’s credit except for joint accounts. www.creditinfocenter.com
  • 6. Sure, it helps, but even if you pay off delinquencies, they will still show on your report, albeit with a zero balance. The trick is to get the creditor to remove the delinquency in exchange for you paying the account. www.creditinfocenter.com
  • 7. Whether you pay 20 days early or on the due date, your score will be the same. However, paying off the balance before the statement closing date will show a zero balance on your report thus helping your utilization rate. www.creditinfocenter.com
  • 8. Creditors consider late payments on your mortgage and auto loan to be more serious than a credit card. If you don’t have enough money to pay all your bills, focus first on paying your mortgage followed by your auto loans. www.creditinfocenter.com
  • 9. Newer accounts carry far more weight than older accounts, and a few old dings won’t destroy your credit. Try to remove as many old negative items as possible, but focus more of keeping newer accounts current. www.creditinfocenter.com
  • 10. Despite what many people say, your income isn’t a factor in your credit score. You can make millions of dollars a year and still have terrible credit, or make very little and have great credit. www.creditinfocenter.com
  • 11. Most credit reports contain at least one major error or a mistake of some sort. This is why it’s always important to check your report regularly and fix mistakes so that you don’t have a problem when you need to use your credit. www.creditinfocenter.com
  • 12. To learn more about credit scores, credit repair, and how to effectively build your credit, visit us at CreditInfoCenter.com www.creditinfocenter.com