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Credit Score
Credit Score
Have you ever wondered if only rich people have awesome credit scores?
Wonder no longer. The truth is you don’t have to be rich to have an awesome credit score. You just have to learn to live within your means.
Q: I'm having a hard time getting my son to understand the importance of a good credit rating. He lives at home, works full time but struggles to keep on top of his bills.
A: Your son, like a lot of young people today, has yet to discover the true value of a good credit rating.
Did you know that you have more than one credit score? Did you know that your income doesn’t affect your credit score at all? If this is news to you, read on as we expose seven common myths about credit scores.
Myth No 1. - Each person has only one credit score
Have you ever wondered how your credit score is calculated? Have you asked, but are always given vague answers? Wonder no more. We will tell you exactly how credit scores are determined for most people and then allow you to get a rough estimate of what your credit score might look like.
5 Key Factors to Calculating Your Credit Score
Has anyone ever told you that every time someone checks your credit, it lowers your credit score? While there is some truth to this claim, there are some exceptions. The most notable exception is that you can check your own credit report whenever you want and it will never affect your credit score. However, your credit rating is impacted if a lender or credit grantor checks your credit.
Have you ever wondered if only rich people have awesome credit scores?
Wonder no longer. The truth is you don’t have to be rich to have an awesome credit score. You just have to learn to live within your means.
Myth: "I've got excellent credit because I pay all my debts on time." Many factors can drastically lower your credit score even though you always pay on time.
Myth: "I hear that every time someone checks your credit it lowers your credit score."
Myth Buster: While there is some truth to this statement, there are some exceptions. Most notably is that you can check your own credit report whenever you want and it is not going to impact your credit score at all. However, your credit rating is impacted if a lender or credit grantor checks your credit.
