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Credit Repair

A Few More Credit Score Myths Debunked

There is nothing more enjoyable than debunking credit score myths. The more of the myths that go by the wayside, the better you can be prepared to build stellar credit. Here are a few more to be thrown out.

  • You only have one credit score… Unfortunately, each credit reporting agency calculates your credit score a little differently and one may have erroneous information that the others do not. Therefore, each credit bureau may have a different score.
  • Your income affects your credit score…As a matter of fact, the credit reporting agencies rarely know what your income is.
  • Shopping for the best loan terms will hurt your credit…If you apply for a loan at various institutions for the same purpose (bad credit car loans, mortgage refi, etc) within a short term (two weeks usually), the credit bureaus lump those inquiries into a single inquiry. That may lower your score by a few points for 30 days or less, but it will jump back afterward.

Be sure to check back for updates on credit bureaus and the debunking of more credit myths.

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