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In other words, if you have a friend who works for a company that has access to credit reports pull your credit scores, this will cause an inquiry that will affect the score. This is not true, as long as you check your credit though a service that was intended for consumers. This would be a much better alternative to closing the account entirely for the purposes of keeping your credit score high.Īnother myth is that checking your own credit will lower your credit score. A good alternative might be to ask the creditor to reduce the credit line if you feel uncomfortable with having a credit card with a high credit limit. This should be avoided if at all possible. People who work for years to pay off a credit card quite often close the account as a way to have closure to the time in their life when they were overburdened with too much debt. In reality, the length of time that accounts have been established makes up a substantial portion of the credit score, so closing these may have a negative impact. This may appear to make sense, since the lack of open credit may indicate the lack of ability to run up high amounts of debt. Probably the most common misnomer is that closing long established accounts will improve your credit score. I've had many clients that unfortunately chose to listen to other people who were not credit experts, and the result is often a much higher interest rate, or a flat out denial on their loan. Many of these false tips may actually sound like they make sense, but can actually hurt your credit score more than they will help.Īfter working in the mortgage and real estate industry for almost two decades, I have firsthand knowledge and experience in dealing with credit. For this reason, it's important to be aware of the most common credit score myths that can actually hurt your credit score instead of improve it. What's especially alarming is that much of this information is coming from people in the mortgage, finance and real estate industry who hear unknowingly hear bad information and spread these rumors. Quite often, misinformation is circulated, just like urban legends about anything else. Since there is a variety of information about credit scoring, you have to know what information you're getting is actually coming from experts that are well educated and informed on how credit scoring works. The financial crisis has underscored the need to maintain a good credit score and also know what factors have the most effect on the score.

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