Everyone’s experience is different whenever it comes to their credit score. Nevertheless, there is one thing that is for certain: There are some myths about credit scores that you need to know about. These include:
1.Having a high paying job will improve your credit score. Winning the lottery will also increase your credit score. Of course, both of these things are myths. Unfortunately, your net worth has nothing to do with your credit score. However, if you use this money to pay off any debts that you have, you will be able to improve your credit score.
2.Junk mail harms your credit score. Yes, there are some people who actually believe this myth. Credit card companies don’t get your name through your junk mail either. Instead, they go through 1 of the 3 major credit companies that are in existence today.
3.Shopping around for loans will harm your credit. While it is true that lenders will access your credit report whenever you are applying for a loan, this is not going to harm your credit in any way. The reason why this is not true is because any of these inquiries that are made within 14 days of one another, from beginning to end, will actually only count as one inquiry into your credit report.
4.Checking your credit score will harm it, which is why you should never do it. Actually, if you do check your credit score online, no harm will be done. However, it is very important to make sure that you use 1 of the big credit bureaus or 1 of their legitimate resellers whenever you are checking it. By going through any other place you can actually cause harm to your credit score, which, of course, you don’t want to do. So, be careful whom you use to check your credit score online.
5.Your personal profile will harm your credit score. This is yet another myth. The credit bureau doesn’t care about your race, sexuality, religion or anything else. They are simply concerned about whether or not you will be able to repay the money that you borrow from them.
Now that you know about some of the many myths that abound whenever it comes to your credit score, you will no longer have to simply accept the fact that things are true. Instead, you will be able to know for sure what is and what is not true. If you do still have any questions, you really should take some time to research things for yourself. You can do this by calling the credit bureau.