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6 Myths about Credit Scores
6 Myths about Credit Scores
Posted in 4s Ranch, Alpine, Blog, Blogroll, Bonita, Cardiff, Carlsbad, Carmel Valley,Central Coastal, Chula Vista, College Grove, Dulzura, East San Diego, EastLake Greens, El Cajon, Escondido, Keller Williams, Kensington, Lakeside, Linda Vista, Metro,Normal Heights, North County Inland, Ocean View Hills, Olivenhain, Otay Ranch, Point Loma, Rancho Del Rey, Rancho Santa Fe, San Diego MLS, San Diego Real Estate,San Diego Real Estate Blog, San Diego Real Estate Investments, San Diego Real Estate News, San Marcos, San Miguel Ranch, Santaluz, Santee, Terra Nova, Torrey Highlands, University City, Vista, Windingwalk
When it comes to credit scores and FICO scores there is a lot of confusion about what actually impacts one’s ability open a credit card, finance a car or purchase a home.
Myth 1: Your credit score drops if you check your own credit.
Truth: Viewing your credit report counts only as a “Soft Inquiry” and doesn’t change the score. “Hard Inquiries” by a lender or creditor, can slightly lower your credit score.
Myth 2: You should close old or inactive accounts to help your credit score.
Truth: Closing accounts may actually have the reverse effect of lowering your credit score because it can shorten the measured duration of your credit history.
Myth 3: Paying off a negative record means it’s taken off your credit report.
Truth: Generally, negative records like collections or late payments will remain on your credit report for up to 7 years.
Myth 4: Cosigning doesn’t mean you’re responsible for the account.
Truth: If you ... more

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