Credit score: 6 Myths that may affect your financial health
In the present economic situation, a decent . is extremely important for your financial health. This is because you'll not be able to qualify for a mortgage, . card, or any type of a loan at a favorable interest rate with a bad . . Newspapers, financial websites are flooded with interesting tips to improve .. Unfortunately, not all the tips are good and there are lots of misconceptions surrounding . .. Read on to know about 6 common . . myths that may hamper your financial health.
Credit score myths
Here are some common misconceptions about . . that you should be aware of:
Myth#1: You must not use . cards at all
A lot of consumers with bad . stop using their . cards thinking that it help to improve their .. However, this may have a negative impact on your . .. . . shows how responsibly you use your .. When you don't use . cards at all, it means that you're not building . history. This makes a negative impact on your . .. Therefore, the financial experts recommend consumers to use . cards responsibly.
Myth#2: Ordering your . report will hurt your .
You can order your . report or check your . as many times you wish. This will not hurt your . . at all. However, it is advisable to check your . reports and .s through bureaus or authorized websites.
Myth#3: Closing accounts will increase your . .
This is a wrong concept. Closing multiple accounts will not increase your . .. To the contrary, it may hurt your . .. . history accounts for 15% of your .. When you close multiple accounts, your . history may seem shorter. Thereby your . . may drop.
Myth#4: There is only one . .
The actual fact is you have 3 . .s from 3 . bureaus namely Experian, Trans Union, and Equifax. You should know that these .s can vary by as much as 50 points or even more. Hence, it is always better to check your . . from the 3 bureaus.
Myth#5: Your earnings, gender, and age affect your . .
According to a renowned financial expert, your age, gender or earnings does not affect your . .. It is true that your employment is shown on your . report, but it does not hurt or improve your ..
Myth#6: . counseling hurts your . .
It is entirely a myth. A lot of people assume that . counseling affects one's . .. But the fact is, . counseling don't factor into . scoring system nowadays. There is no doubt that it will be reported on your . report that you are getting counseling, but it won't have a negative impact on your ..
Finally, several people think that once they get married, their . .s are merged. But the fact is your . . remains yours till your death. However, if you and your spouse open accounts jointly, the information will be reported on both of your . reports.
Summary - There are loads of misinformation regarding what affects and does not affect . .. However, it is important to have a proper understanding about . . as many things ride upon this. So, you should have a clear understanding about the myths surrounding . ..
Credit score myths
Here are some common misconceptions about . . that you should be aware of:
Myth#1: You must not use . cards at all
A lot of consumers with bad . stop using their . cards thinking that it help to improve their .. However, this may have a negative impact on your . .. . . shows how responsibly you use your .. When you don't use . cards at all, it means that you're not building . history. This makes a negative impact on your . .. Therefore, the financial experts recommend consumers to use . cards responsibly.
Myth#2: Ordering your . report will hurt your .
You can order your . report or check your . as many times you wish. This will not hurt your . . at all. However, it is advisable to check your . reports and .s through bureaus or authorized websites.
Myth#3: Closing accounts will increase your . .
This is a wrong concept. Closing multiple accounts will not increase your . .. To the contrary, it may hurt your . .. . history accounts for 15% of your .. When you close multiple accounts, your . history may seem shorter. Thereby your . . may drop.
Myth#4: There is only one . .
The actual fact is you have 3 . .s from 3 . bureaus namely Experian, Trans Union, and Equifax. You should know that these .s can vary by as much as 50 points or even more. Hence, it is always better to check your . . from the 3 bureaus.
Myth#5: Your earnings, gender, and age affect your . .
According to a renowned financial expert, your age, gender or earnings does not affect your . .. It is true that your employment is shown on your . report, but it does not hurt or improve your ..
Myth#6: . counseling hurts your . .
It is entirely a myth. A lot of people assume that . counseling affects one's . .. But the fact is, . counseling don't factor into . scoring system nowadays. There is no doubt that it will be reported on your . report that you are getting counseling, but it won't have a negative impact on your ..
Finally, several people think that once they get married, their . .s are merged. But the fact is your . . remains yours till your death. However, if you and your spouse open accounts jointly, the information will be reported on both of your . reports.
Summary - There are loads of misinformation regarding what affects and does not affect . .. However, it is important to have a proper understanding about . . as many things ride upon this. So, you should have a clear understanding about the myths surrounding . ..
