May 10, 2008
The Confusion About Credit Scores
With there being so many myths about fico score ratings that are just floating around and most of them are just outdated information. Even lenders can give you the wrong advice, which can get a little confusing. But the truth of the matter is that bad information can cost you money no matter where it comes from.Your Fico score ratings are used for most mortgage lending, car loans etc. Which means, you will need to know what will hurt or help your credit score. So to make it clear, here are some of the most common myths about your credit score.* You can lower your credit score, by checking your credit report.Remember that you can check your own credit report and credit score, as this counts as a soft inquiry and does not go against your credit rating. But, if anyone else like a lender or credit card company is checking your credit report, this is considered a hard inquiry and will generally knock off about 5 credit score points, which is drastic as every point is important.A typical credit score rating system treats multiple inquiries in a 14-day period as just one inquiry. The system ignores all […]
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