There are several misconceptions when you check your credit score regularly. Here are the truths behind undying credit myths. Recheck what you know about your credit by using these things as your credit repair guide.
Truth: No matter how much you earn will not affect your credit score.
If you work hard to double the money you make thinking that it will help make your credit score better, you’re wrong. Your income is not in any way reported to the credit bureaus or listed in your credit reports.
Fiction: When you check your credit report regularly, it will lower your credit score.
Truth is, when you check your report for your educational purposes, it will fall under the category called soft inquiries. This means, it will not in any way affect your credit score. Meanwhile, if it is a creditor or lender that requests a copy of your credit report for certain purposes such as extending your loan or credit, this falls under the hard credit category that will surely have a negative impact on your score.
Truth: Closing old accounts will not improve my credit score.
If you’re planning to close old and inactive accounts to improve your credit, better think twice. Doing this will actually lower your credit score. Better yet, check your available credit, ask for your credit limits to be reduced, or close newer accounts instead.
Continue reading original post here: http://www.newhorizon.org/credit-info/truth-behind-undying-credit-myths/
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For more information about Credit Facts visit: http://www.newhorizon.org/credit-info/little-known-credit-facts/
Contact Us! - http://www.newhorizon.org/NHBS/contact.htm
Email us at [email protected]
Toll Free Phone no. (888) 778-5677
If you work hard to double the money you make thinking that it will help make your credit score better, you’re wrong. Your income is not in any way reported to the credit bureaus or listed in your credit reports.
Fiction: When you check your credit report regularly, it will lower your credit score.
Truth is, when you check your report for your educational purposes, it will fall under the category called soft inquiries. This means, it will not in any way affect your credit score. Meanwhile, if it is a creditor or lender that requests a copy of your credit report for certain purposes such as extending your loan or credit, this falls under the hard credit category that will surely have a negative impact on your score.
Truth: Closing old accounts will not improve my credit score.
If you’re planning to close old and inactive accounts to improve your credit, better think twice. Doing this will actually lower your credit score. Better yet, check your available credit, ask for your credit limits to be reduced, or close newer accounts instead.
Continue reading original post here: http://www.newhorizon.org/credit-info/truth-behind-undying-credit-myths/
---------------------------------
For more information about Credit Facts visit: http://www.newhorizon.org/credit-info/little-known-credit-facts/
Contact Us! - http://www.newhorizon.org/NHBS/contact.htm
Email us at [email protected]
Toll Free Phone no. (888) 778-5677