When it comes to the biggest financial features in the world, credit scores will probably stand out the most. There's no denying the fact that these are important for financial reasons, such as the approval of loans. However, you might have heard a few things about credit scores in general. Many of these nuggets of information can be best described as myths. In fact, here are 3 credit score myths that Bob Jain can draw your attention to.
"Personal information can affect one's credit score." It seems like many people assume that certain personal details, including gender and race, can affect one's credit score. According to companies like Bob Jain Credit, however, this is far from the truth. As a matter of fact, these do not matter in the grand scheme of things, since everyone is on equal footing in this respect. It's simply a matter of how responsible you are with credit.
"Your partner's credit score will apply to you." You shouldn't make the mistake of assuming that if your score is bad, you can make up for it with your partner's. The reason for this, as supported by Bob Jain CS, is that their score applies to them alone. It doesn't matter how long you've been with this individual, either. Whether you're looking to purchase a car, home, or something else entirely, your own score must be accounted for.
"Closing accounts will hold no bearing." You might be under the impression that closing an account won't negatively affect your credit score. This is far from the truth, however, as scores have been known to decrease as a result. What this means is that you shouldn't simply close your account and not expect side-effects. As a matter of fact, being accountable in this sense will only do wonders for your credit score in the future.
Hopefully this information has given you a better understanding of credit scores in general. With every topic, there is a collection of myths that people still believe. The same can be said about credit scores, so it's important to understand how to maintain and even improve yours. The more that you're willing to learn, in this respect, the easier it'll be for you to keep a substantial score that you can be proud of.
"Personal information can affect one's credit score." It seems like many people assume that certain personal details, including gender and race, can affect one's credit score. According to companies like Bob Jain Credit, however, this is far from the truth. As a matter of fact, these do not matter in the grand scheme of things, since everyone is on equal footing in this respect. It's simply a matter of how responsible you are with credit.
"Your partner's credit score will apply to you." You shouldn't make the mistake of assuming that if your score is bad, you can make up for it with your partner's. The reason for this, as supported by Bob Jain CS, is that their score applies to them alone. It doesn't matter how long you've been with this individual, either. Whether you're looking to purchase a car, home, or something else entirely, your own score must be accounted for.
"Closing accounts will hold no bearing." You might be under the impression that closing an account won't negatively affect your credit score. This is far from the truth, however, as scores have been known to decrease as a result. What this means is that you shouldn't simply close your account and not expect side-effects. As a matter of fact, being accountable in this sense will only do wonders for your credit score in the future.
Hopefully this information has given you a better understanding of credit scores in general. With every topic, there is a collection of myths that people still believe. The same can be said about credit scores, so it's important to understand how to maintain and even improve yours. The more that you're willing to learn, in this respect, the easier it'll be for you to keep a substantial score that you can be proud of.
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