We all know how important it is to have a high credit score. Having good credit can give you greater rates on loans for big ticket purchases like a home or car. I’m sure we have all heard of what things to avoid that could lower our credit score as well as things we can do to raise them. But, did you know that some of what we’ve been hearing about on improving our credit may actually be mere myths? Well, here are the top 6 credit score myths on improving your that you can safely ignore.
When you apply for a mortgage or sometimes a job, you may be required to allow someone to look at your credit score. Though this kind of “hard inquiry” can slightly lower your credit score, a “soft inquiry” such as when you do your own research into your credit score, has no affect.
Some of the other credit score myths you can ignore include your score being reflected in your payment behavior, believing that making on time payments will improve one’s credit score, closing old accounts, thinking one is not responsible for a loan when co-signing and by thinking that by paying off negative debt will immediately improve one’s negative record.
Having a good credit score is important and one should make steps to improve bad credit, but avoid unnecessary stress by ignoring these 6 credit score myths.
Is your credit score where you want it to be? Have you heard of these myths? What advice have you heard about improving your credit? Please leave a comment below. I greatly appreciate your feedback.
This information is brought to you by:
Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® CalBRE# 00476662
Certified Distressed Property Agent
Sunshine Smith, SFR, Realtor® CalBRE# 01249837
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