A Few Credit Myths
Credit Myth #1:
Your salary makes a difference in your credit score.
Credit Myth #2:
Always pay your credit card balance in full and that will give you the best credit.
Credit Myth #3:
Your credit score only counts when you’re looking to borrow money.
Credit Myth #4:
If a judge in a divorce preceding orders a spouse to pay a debt, it’s no longer affecting the other spouse’s credit.
Credit Myth #5:
Paying off an old collection or charge off will increase your credit score.
Credit Myth #6:
A serious financial crisis like as a foreclosure or bankruptcy permanently hurts your credit score.
Credit Myth #7:
FICO scores are locked in for six months, and that they change every six months.
Credit Myth #8:
Multiple auto/mortgage loan inquiries will hurt your score for each one.
Credit Myth #9:
The credit bureaus are government agencies.
Credit Myth #10:
You share a credit score with your spouse.