CREDIT SCORE MYTH: Wealth helps credit score.

By
Real Estate Agent with New Solutions Realty 608247

Credit scores were designed to help lenders gauge a borrower's risk of default. That's it. The only information used is what's in your credit report. The formula is particularly affected by:

  • Whether you pay your bills on time.
  • How much of your available credit you're using.
  • How long you've had credit.
  • How recently you've opened a new account.
  • The mix of credit you use.

  Here's what does not go into a score:

  • Your income or how much of it goes to pay debt.
  • Your net worth.
  • Your retirement account balances.
  • Your investment returns.
  • Your employment history or prospects.
  • Whether you live within your means.
  • Whether you pay your credit card bills in full each month or carry a balance.
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Kay D. Riddle

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