Credit Score and Credit Report Myths

1. My credit is ruined and I'm screwed?

The Truth: Any credit score can be repaired and improved, it will not happen overnight, but if you pay your bills on time, keep track of your credit report, and budget your money you can get your score higher. Its never too late to improve your credit.

2. If I cancel a credit card it does not affect my credit?

The Truth: Closing a credit line does not favor your credit line in anyway, however if you truly have no need for the card cancel it unless you only have a few credit lines or you have to pay an annual fee.

3. I can just file bankruptcy if my credit gets too bad.

The Truth: Bankruptcy laws are being tightened so that people file less, in fact people who file bankruptcy have that reported on their credit report for ten years.

4. Incorrect Information can never be changed

The Truth: Credit report information can be changed at any time if it is truly incorrect. Look into procedures on repairing credit mistakes in your report.

5. The higher the credit line the better.

The Truth: This is only true if you can afford to pay the money you owe back in time, many people get more credit and then spend more money when it really needs to be budgeted more.

6. Debt is always manageable.

The Truth: Debt can take a toll on your life and make it a lot harder than it should be, its recommended that you keep track of your debt and reduce it before its get out of control.

7. My age affects my credit score.

The Truth: Your age, sex, and income do not affect your credit score at all. It may be listed but it is not a factor in the number.

8. Shopping around for a loan affects my credit score.

The Truth: Too many inquiries into your credit score do not look good and can have an adverse affect on your score.

9. Applying for two many credit cards affects your credit score.

The Truth: Applying for too many credit cards in a short period of time has a negative affect on your credit.

Have another myth you want to add? Email us at info@creditscoretips.com and we will not only add your myth, but make sure to give you a link back to your web site for it.

Start on the Credit Guide Below Today

Step 1: Obtain your credit report (opens in new window)
Step 2: Review some common credit terms
Step 3: Read how to evaluate your credit report
Step 4: Review some tips you can use
Step 5: Learn some ways to budget your money
Step 6: Tell a Friend and help them save money