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Funding Your Future: 3 surprising myths about your credit score

Posted at 1:32 PM, Oct 14, 2015
and last updated 2015-10-14 15:32:05-04

Rachel Langlois with Cyprus Credit Union shares the truth about credit score.

3 Myths About Credit Score

  1. More is better: Lenders may worry that you are using credit to live on.  And each time you open a new card, there is what is called a 'hard inquiry' on your credit history.  These 'hard' inquiries can actually deduct points from your credit rating.
  2. Married individuals share credit scores. Many people think that they don`t need to be concerned about maintaining a good credit score because their spouse has a good score. You may have credit together if you are married, but both partners need to maintain a good score—you always want to have credit available in your name.
  3. Paying your bills late once in a while won`t affect your credit score. Late payments DO affect your credit score. In fact, regular and on-time payments are one of the most important factors in building and maintain good credit.

For more information, you can visit any Cyprus Credit Union branch or click here.