April 2, 2007

Myths about your personal credit score

by Jen (April 2, 2007)

It’s hard to keep up with what’s good and bad for your FICO scores (the index the credit reporting agencies assign you based - more or less - on your history of paying bills in a timely fashion). BankRate takes a look at these 11 credit reporting myths.

1. Paying my debts will make my credit report instantly pristine.
2. Credit counseling always destroys my credit score.
3. Canceling credit cards boosts my score.
4. Too many inquiries hurt my score.
5. Checking my own credit report harms my standing.
6. FICO scores are locked in for six months.
7. I don’t need to check my credit report if I pay my bills on time.
8. All credit reports are the same.
9. A divorce decree automatically severs joint accounts.
10. Bad news comes off in seven years.
11. I can always pay someone to fix or repair my credit.

I recommend looking at any of them that might apply to your life situation. There was definitely some information in there I was unfamiliar with, and I make an effort to keep up with this stuff.

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