More Credit Score Myths Busted: What You Don’t Know CAN Hurt You

Martin Tognola for The Wall Street Journal, “9 Myths About Credit Scores”

Do you care about your credit score? You should.

Of course, you already know it can dictate what credit cards you’re offered and what interest rates you pay.

But it also affects how much you pony up for auto insurance, whether you get the mortgage for your dream home, and even whether you ace the interview for that cool new job.

Like it or not, your credit score is a very important statistic.

So it’s time you learn more about how that credit score is calculated, and what moves can hike – or sink – that coveted number.

An easy way to do that? Check out 9 Myths About Credit Scores, by financial editor Demetria Gallegos for The Wall Street Journal.

It’s an quick read and is chockfull of useful info.

Did you know, for example, that checking your credit score won’t hurt you, and in fact, research suggests it actually helps increase your score and puts you on track for making timely monthly payments?

That’s one common myth busted, but take a look at the other most misunderstood “facts” and arm yourself with critical info about credit utilization, what happens when you carry a balance (better not to), and when it’s time to shred (or not) that old credit card you got in college.

About Mari Adam

Mari Adam, Certified Financial Planner™ has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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