Myths About Your Credit Score

When I saw the subject article on Yahoo! Finance, I was pleased to note that my EQ article “Take Control of Your Credit Rating ” covered these myths in detail. Take the quiz and see if you are armed with the necessary information.

Myth #1: Closing a card after paying off a massive debt load is a fine idea.
Myth #2: Your employment history impacts your score.
Myth #3: Financing a big purchase — like a new home or car — will lower your score.
Myth #4: The older you are, the higher your score.
Myth #5: Checking my score will lower my score.

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Take Control of Your Credit Rating

Are you one of the people that doesn’t understand how often decisions that affect your life are determined by your creditworthiness?

Most folks already know that lenders evaluate whether or not to extend you credit for purchases or loan you money for a home mortgages based on your credit scores.  You may know that your interest rates and terms of the credit or loan agreements depend on your credit history which is reflected in your score. Unfortunately, many people don’t know that your credit score affects many other things e.g., hiring decisions (whether or not you get the job or promotion) and leasing/rentals approval (whether or not you get the apartment).  Your credit score is the” silent director” in the play called “your life”. These reasons motivate us to keep our credit scores high or improve them when it’s needed.  

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