8 Things NOT In Your Credit Score

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Here are 8 things that have no part in your credit score

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8 Things NOT In Your Credit Score

  1. 1. 8 Things NOT Included In Your Credit Score
  2. 2. 1. Your age • A 19 year old with good credit has an equal opportunity to qualify for a loan as an older adult and vice-versa • The same holds true for the elderly, and lenders may not age-discriminate – A 95-year old can qualify for a 30-year mortgage, just as easily as a younger person can Flickr/ Akash Kurdakar
  3. 3. 2. Your salary • Whether you make $15,000 per year or $1 million, it will have no bearing on your credit score
  4. 4. 3. Your employment status • Even if you’re unemployed, it won’t affect the score lenders receive • However, lenders can and will use employment information when making decisions, such as – Employed or not? – Length with employer – Salary – Employment history Chris Smith
  5. 5. 4. Marital status • As long as your joint accounts are current, your martial status won’t affect your credit score • A common misconception, any individual accounts will only affect the account holder’s credit score – You do not “inherit” your spouse’s credit problems Jasen Miller
  6. 6. 5. Your interest rates • While it’s true that high interest rates are generally given to high-risk borrowers, the rates are not factored into your credit score for future lending decisions Wikipedia/ Rammiefong
  7. 7. 6. Child support • Any items reported as child or family support obligations don’t affect your score Flickr/ Paul Hamilton
  8. 8. 7. “Soft” inquiries • Checking your own credit will not affect your score • “Promotional inquiries” are also soft inquiries – These are inquiries to “pre-qualify” you for credit offers • Administrative inquiries made by your current lenders to review your account also don’t count
  9. 9. 8. Credit counseling • If you seek credit counseling services, it will not affect your credit score www.stockmonkeys.com
  10. 10. Your credit card may soon be completely worthless!

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