Most people have a general idea of how to get a good credit score, like by paying your bills on time, avoiding excessive debt, and not applying for too many credit cards, to name a few things. However, there are some pervasive credit myths that prevent lots of people from maximizing their own credit scores. With that in mind, here are three things to know about credit scores that could help you achieve the credit score you want.
Exposing common credit score myths:
You have one credit score: There are three major credit bureaus, TransUnion, Equifax and Experian, and each bureau calculates its own credit score.
Loan and credit inquires hurt your credit score: The answer here is yes and no. Your credit score will be lowered if there are too many inquiries to your credit, but your credit score will not be impacted if the inquiries are of the same kind and made within 14 days of each other. So, if you’re shopping around for a loan, you should, so that you can find the best deal.
You and your spouse’s credit scores become one: You and your spouse each have your own credit score and own credit history. They are not merged. If you open a joint account, that information will show up on both your reports and can negatively or positively affect your credit scores.
Also, did you know that reporting your on-time rent payments can help improve your credit score? RentReporters is helping the millions of renters to proactively impact their credit score by reporting on-time rent payments to TransUnion, one of the major credit bureaus.