Most people know that keeping a good credit score is vital to their financial standing. After all, this can make all of the difference being approved or denied a loan in the future. Bob Jain and other authorities on finance can agree, which is why it's important to make note of the biggest myths regarding credit scores. Here are just 3 to make note of, as well as information that can help you debunk them in the future.
"Certain pieces of information impact credit scores." Many people are under the impression that personal information can impact their credit scores. However, companies such as Bob Jain Credit will tell you that they have no impact whatsoever. It doesn't matter what gender you are, what your race is, or what have you. Everyone is on equal footing at the onset; only those who use credit responsibly will gain the upper hand.
"The credit score your partner has will benefit you." One of the common misconceptions about credit scores is that they benefit both parties in a relationship. The truth is that the only score that matters, when it comes to your financial endeavors, is your own. The likes of Bob Jain CS will agree, regardless of what you want to do with your money in the future. If you want to take out money for a new home in your name, for instance, only your score will be evaluated.
"You can close your account without penalty." If you think that there's no penalty in closing an account you might not use as much, you'd be mistaken. Keep in mind that credit scores have been known to decrease as a result of accounts being closed. This is especially true when you throw in the possibility of higher balances on cards. By being mindful of the accounts that should stay open, your credit score will be better maintained.
When it comes to credit scores, you can clearly see that there are numerous myths that people still believe about them. This doesn't mean that you have to fall for the same examples of misinformation. In order to prevent this from occurring, you should make it a point to learn as much as you can about credit scores. The more legitimate information you have on hand, the easier it will be to keep your score at a high level.
"Certain pieces of information impact credit scores." Many people are under the impression that personal information can impact their credit scores. However, companies such as Bob Jain Credit will tell you that they have no impact whatsoever. It doesn't matter what gender you are, what your race is, or what have you. Everyone is on equal footing at the onset; only those who use credit responsibly will gain the upper hand.
"The credit score your partner has will benefit you." One of the common misconceptions about credit scores is that they benefit both parties in a relationship. The truth is that the only score that matters, when it comes to your financial endeavors, is your own. The likes of Bob Jain CS will agree, regardless of what you want to do with your money in the future. If you want to take out money for a new home in your name, for instance, only your score will be evaluated.
"You can close your account without penalty." If you think that there's no penalty in closing an account you might not use as much, you'd be mistaken. Keep in mind that credit scores have been known to decrease as a result of accounts being closed. This is especially true when you throw in the possibility of higher balances on cards. By being mindful of the accounts that should stay open, your credit score will be better maintained.
When it comes to credit scores, you can clearly see that there are numerous myths that people still believe about them. This doesn't mean that you have to fall for the same examples of misinformation. In order to prevent this from occurring, you should make it a point to learn as much as you can about credit scores. The more legitimate information you have on hand, the easier it will be to keep your score at a high level.
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Kindly contact Bobby Jain CS to discover more regarding finance from companies like Bobby Jain Credit.. Also published at 3 Noteworthy Credit Score Myths, With Bob Jain.
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