Rachel Langlois with Cyprus Credit Union shares the truth about credit score.
3 Myths About Credit Score
- 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.
- 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.
- 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.