7 Common Myths About Building a Good Credit Score (That Simply Aren’t True)

When you’re looking to improve your credit score, you’ll be faced with a lot of advice. Unfortunately, not all of this advice is accurate. 

There are a lot of common misconceptions and myths about what does and doesn’t affect your credit score, as well as how to fix it.

Myth: You Only Have 1 Credit Score

There isn’t one universal credit score. Each country has its own credit agencies or bureaus, each with its own reports.

Myth: Taking Out Credit Damages Your Score

Many people believe that taking out credit damages your score, but the opposite can be true – if you do so responsibly. Borrowing through a credit card or other loan and meeting repayments on time is the simplest way to help build your credit score.

Myth: Your Partner’s Score Impacts Yours

Getting married has no direct impact on your credit score. Even if you marry someone with a poor credit score or a history of missing payments. Your partner’s credit score will only impact yours if you have any loans that you take out together.

Myth: Checking Your Own Credit Score is Bad

Checking your own score is not recorded on the report anywhere. Only hard checks banks and lenders make when you apply for credit are stored on your report. Regularly checking your credit score is a good idea and shows that you are taking responsibility for managing your credit.

Myth: A Better Job and Better Income Improves Your Score

Bank balances don’t appear in your credit report, nor does your income. So when it comes to your credit score, don’t worry about how much is in your bank account.

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7 Common Myths About Building a Good Credit Score (That Simply Aren’t True)

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