One Cool Thing – Credit Score Myths

 The Lawhead Team would like to share the latest One Cool Thing from the C.A.R. to help you understand what affects your credit score.

When it comes to credit reports and FICO scores, there is a lot of confusion about what actually impacts one’s ability to open a credit card, finance a car, or purchase a home.

credit scoreMyth 1: Your credit scores drop if you check your own credit

Myth 2: You should close old or inactive accounts to help your credit score

Myth 3: Paying off a negative record means it’s taken off your credit report

Myth 4: Cosigning doesn’t mean you’re responsible for the account

Myth 5: Maying on-time rental, utility, and cell phone payments helps my credit score

Myth 6: Your credit score reflects changes or trends in your payment behavior

Source: TransUnion