You probably 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. But there are also a lot of credit myths out there, and these myths can prevent you from maximizing your credit score. So, here are three things you need to know about to 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 inquiries 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 hurt if the inquiries are of the same kind and made within a certain amount of days of each other.
You and your spouse’s credit scores become one: You and your spouse each have your own credit score and own credit history. 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. Sign up today!