Credit Score Myths – Top 9October 28, 2019
People think they know what causes a credit score to rise or fall. They’re often wrong.
Everybody wants to have the highest credit score possible. But most people have little idea how to go about getting it.
In fact, the opposite is often true: The things that many people believe will help or hurt their score don’t actually help or hurt them at all.
Telling fact from myth, though, is crucial, as consumers strive to do what they can to improve their credit score. A higher score can mean better terms on credit cards, lower rates on mortgages and less expensive premiums on auto and homeowners insurance. It can make it more likely to win approval for an apartment, and get deposits waived when setting up services like electricity and cable in a new home. It can even mean a better chance of nabbing a job offer.
In other words, a credit score has come to signal much more than the likelihood of defaulting on debt. It is key to a better standard of living entirely.
With that in mind, here’s a look at some misconceptions that hamstring many people—and best practices that will help make your score one that lenders will fight over.
MYTH: Checking my credit score hurts my credit score