In spite of the vast amount of information about credit scores being available on the internet, many people have the wrong idea about it. These myths actually keep many people from taking steps to actively improve their credit scores. With that in mind, we’ve made a list of popular myths about credit scores and debunked them for your benefit.
A poor credit score will last forever: This is true only if you continue to default on your payments, pay your bills after they become due, and utilize your card to the limit. If you manage your money well and make your payments on time, your credit score will certainly improve over time.
Checking your credit score often will bring it down: You can check your score any number of times without causing it to fall as long as you use a credit scoring service.
Your credit score takes years to come down: If you persist in making the wrong money moves, it will take only a few months for your credit score to fall. So, always stay on guard.
Earning a lot of money will quickly boost your score: Your income really has no effect on your score. If you start to make a lot of money, you may be able to pay all your bills on time which can, in turn, help you keep your credit utilization low. These factors will, of course, positively impact your credit standing. However, there is no direct relationship between your income and your credit score.
You have only one credit score: No. Surprisingly, you actually have several credit scores. This is because there are different credit scoring methods.
You and your spouse can merge credit scores: No, you cannot. You will both always have separate scores and credit histories even after you are married. However, if you co-sign for a loan or a credit card with your spouse, any payment defaults for which your spouse is responsible will also likely reflect on your credit report.
All employers check credit scores: Employers may ask you permission to check a version of your credit report but will usually not ask to check your credit score. Keep in mind that you will have to give your consent to the company to check your credit history.
