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  • 4 years ago
Biggest Credit Score Myths and #ALSIceBucketChallenge

Biggest Credit Score Myths and #ALSIceBucketChallenge

You can't turn on the TV or have a conversation with someone about money without the subject of credit scores coming up. With all that awareness you would think that everyone would have a basic understanding of how credit works.
Unfortunately, there is a lot of miss-information being spread around.
There are many myths surrounding the credit score; believing these myths can not only wreck your finances, but keep you from reaching your financial goals.
The five biggest myths about credit scores
Myth #1 - You have to carry a balance to have a good credit score
This is a dangerous myth that gives people an excuse to keep their debts. The five credit score factors (payment history, amount owed, length of credit history, new credit, and types of debt) are all about how well you “manage” debt. If you pull your credit report there is nothing about how you manage your normal bills (electric, cell phone, rent), unless you are late on those payments.
Myth #2 - The credit scoring system is a gove