5 myths about credit score – Out!
There are too many myths about credit score…
5 myths today are about to disappear…
1/ If you check your credit, you will lower your score
This will not affect your score! You are entitled to one copy of your credit score per year. You can order multiple scores and it won’t affect your score. However, when you fill an application for a credit card, that can affect your credit score.
2/ If you don’t use your credit card, you will lose points…
Your lender will stop reporting your trade if you stop using your credit card as a fraud measure. To improve your score, it’s better to use all of them even for a few bucks.
3/ You can’t dispute to dispute information on your credit file
That’s false! The credit bureau has to check your complaint within 30 days and provide you with an answer.
4/ If you use credit counseling, this will affect your credit score…
Again, this is false! There is no space on your credit score to provide such information…
5/ If you look for a loan, this will affect your credit score…
Absolutely not! You have a 30-day window to compare rates but you apply for too many things at the same time (house, credit card, college,…), the underwriter would like to understand why you apply and why you were denied.
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