Credit Score Myths

What are some Credit Score Myths?

4 Common Credit Score Myths Revealed

—Myth #1: You have one credit score—
You have three, one from each of the three major credit bureaus. And they can vary 50 points or more.
—Myth #2: Your income or wealth impacts your score—
They don’t. Your credit score is about your CREDIT, not your wealth or income.
—Myth #3: Checking your own credit hurts your score—
NOT if you check it through one of the 3 bureaus or a legitimate score seller like MyFico.com.
—Myth #4: Shopping for a loan lowers your score—
Yes AND No. Having your credit run shows as an “inquiry” to your credit, and too many do indeed lower your score. But the same kind of inquiries made in a 2-week period count as one inquiry. Exception: credit card inquiries.

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