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Myths and Facts Associated with Credit Score

How do you define credit score? Well, this score is defined as a three numeral figure that creditors use for determining whether you will be able to repay the debt on time or not. These reports are usually maintained by the reporting bureaus. Based on these reports, the creditors assign scores to you.

However, if we don't have much knowledge about the same, a number of fallacies have also come up. Let us now take a look at the common fallacies and their corresponding facts.

Myth

Fact

There is only one score that the creditors consult prior to granting a loan.

There are various scoring options that the credit domain considers before grating a loan. These options are designed by reporting bureaus, independent organizations and creditors. However, the FICO scores are most important of all.

Your score can be damaged if you review your report.

You are free to review the report as many times you wish to. In no way, it is going to affect your score.

If you close your previous accounts then your score will increase.

Closing previous account will lower the credit history. The fact cannot be denied that having several accounts can ruin your score, but then, closing your earlier accounts is not the right way to proceed with, particularly if there are no outstanding balances in them. Hence, what seems most viable out here is to improve the score and clear the balances.

There are some factors that will decide the score fact.

No. Factors like age, salary, service duration and sex are not considered while analyzing scores.

The negative details can be wiped off from the reports so as to increase your score.

By law, it isn't possible to eliminate the negative details such as foreclosure, lien and bankruptcy from the report. You may have heard the saying that time is the best healer. Hence, it is only with time that these scars will be wiped off. Don't fall prey into the hands of organizations that make fake resolutions to help you create another separate identity.

If you apply for multiple loans, then it sure to leave a blemish on the scores.

Most people have a common fallacy that applying for a car or home loan will reduce their score. However, what they don't know is that the inquiries pertaining to these loans are based on one request because they take place within a time span of one or one and a half months.

Your credit score will be affected by applying for a credit card.

Your score will not be affected if you apply for a credit card. But then, if you have applied for a huge amount as a result of which you have to invest a great amount, then your score may be affected.

Your credit details will be combined with your partner's details upon marriage.

Marriage has no affect on these reports. They are separate for separate individuals. But then, there may be a couple of items which are reflected on both reports. For example, the joint account details will be reflected on each report.

You can enhance the credit score by going in for credit counseling.

Many a times you will find the counseling organizations come up with attractive offers. However, make sure to think hundred times before going in for any.

Your credit score will be affected because of your tenant's rating.

It has been mentioned previously also that a credit report is an individual entity; hence in no way your tenant's score will affect yours. If you find that your tenants reports has been combined with yours, then this is certainly an error and you should report to the bureau at the earliest so as to settle the dispute.


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