Most people know that keeping a good credit score is vital to their financial standing. After all, this can make all of the difference being approved or denied a loan in the future. Bob Jain and other authorities on finance can agree, which is why it's important to make note of the biggest myths regarding credit scores. Here are just 3 to make note of, as well as information that can help you debunk them in the future.
"Credit scores can vary based on personal information." It might be difficult to believe, but many people assume that personal information can increase or decrease credit scores across the board. In actuality, race, gender, and other such aspects don't have an impact at all. What this means - and companies like Bob Jain Credit will agree - is that everyone has a fair chance. What matters, more than anything else, is your level of care when utilizing credit.
"A partner's credit score will be passed along to you." While it's fortunate that your partner has a good credit score, this doesn't necessarily mean that the benefits will be passed along to you. As a matter of fact, your partner's score only applies to them. This goes for any endeavor, whether it's the investment toward a new home, the purchasing of a new car, or what have you. This is yet another myth that Bob Jain CS can debunk.
"Closing accounts will hold no bearing." You might be under the impression that closing an account won't negatively affect your credit score. This is far from the truth, however, as scores have been known to decrease as a result. What this means is that you shouldn't simply close your account and not expect side-effects. As a matter of fact, being accountable in this sense will only do wonders for your credit score in the future.
To say that there is ample information about credit scores would be an understatement. However, there is a considerable amount of misinformation out there as well, which is why it's in your best interest to look into the truth. Fortunately, there are various resources that will help you uncover this. If you take the time to learn, chances are that you will be able to keep a respectable score that will hold up in the long term.
"Credit scores can vary based on personal information." It might be difficult to believe, but many people assume that personal information can increase or decrease credit scores across the board. In actuality, race, gender, and other such aspects don't have an impact at all. What this means - and companies like Bob Jain Credit will agree - is that everyone has a fair chance. What matters, more than anything else, is your level of care when utilizing credit.
"A partner's credit score will be passed along to you." While it's fortunate that your partner has a good credit score, this doesn't necessarily mean that the benefits will be passed along to you. As a matter of fact, your partner's score only applies to them. This goes for any endeavor, whether it's the investment toward a new home, the purchasing of a new car, or what have you. This is yet another myth that Bob Jain CS can debunk.
"Closing accounts will hold no bearing." You might be under the impression that closing an account won't negatively affect your credit score. This is far from the truth, however, as scores have been known to decrease as a result. What this means is that you shouldn't simply close your account and not expect side-effects. As a matter of fact, being accountable in this sense will only do wonders for your credit score in the future.
To say that there is ample information about credit scores would be an understatement. However, there is a considerable amount of misinformation out there as well, which is why it's in your best interest to look into the truth. Fortunately, there are various resources that will help you uncover this. If you take the time to learn, chances are that you will be able to keep a respectable score that will hold up in the long term.
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