Myth #1: When you get married your credit scores are merged
This is one I thought to be true for many years. The truth is your credit score is yours and yours alone. This means if you have great credit and your spouse to be is a credit flunky, you will not be judged by their credit score. The only time your credit is changed with theirs is if you open a joint account.
Myth #2: Making more money will raise your credit score
No matter how much money you make a year or how many times you win the lottery you will not see a change in your credit score. This is because your credit score does not figure in your yearly income. Paying off debts will raise your credit score.
Myth #3: Checking your credit lowers your score
There are places online that offer a free credit score with a purchase of your credit report, but make sure they do it through the main credit bureaus. What you really have to watch out for is credit inquiries from car dealerships and other financial lenders.
Myth #4: Only Credit Scores Above 700 Are Good
What is a good credit score? A good credit score is actually above 600. Especially when the economy is not doing to well. Don’t think you must have a score above 700 to get a good deal.
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