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Common Credit Score Myths

Fico credit score ratings are used while mortgage lending. There are common misunderstandings about credit score. We have made following clarifications in relation to them.

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Misunderstanding :-- Checking your credit report will hurt your credit score.

Clarification :-- Checking your own credit report is counted as a soft inquiry and does not hurt your score. But if anyone like a lender or credit card company is checking your credit report, this is considered a hard inquiry and will generally decrease 5 credit score points. Also the credit score rating system treats multiple inquiries in a 14-day period as just one inquiry. The system ignores all inquiries made within 30 days prior to the day the credit score is calculated. Hence always shop for the loan by taking into consideration the following points.

Misunderstanding :-- Closing old accounts will improve your credit report score.

Clarification :-- Closing old accounts will actually have the opposite effect with the current credit score rating system because it makes your credit history appear shorter. If you want to reduce the levels of available credit, it's advisable that you reduce or close new accounts instead. Applying for fresh credit is likely to lower your score.

Misunderstanding :-- You need to check more score rating agencies other than FICO

Clarification :-- The reality is that all of the three major credit reporting bureaus offer FICO credit score ratings. Even though each one has given the different name you only need a fico score rating from the three major credit reporting bureaus. Just make sure it comes from the three major credit reporting bureaus: Experian, Trans Union and Equifax. You should fix any errors in all three reports before you shop for a loan. It is always advisable to do.

Misunderstanding :-- Credit counseling will hurt your score

Clarification :-- The credit score rating system ignores any reference to credit counseling. However, any late payments made to creditors will hurt your credit score. Credit counseling can hurt your ability to get a loan because you probably have had trouble paying creditors. Hence the best way to improve your credit report score is paying your bills on time and paying down credit card debt. 







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