oscarnominations2017.com Reveals the Truth About Credit Score Myths

Date Published: 
Publish Location: 
San Diego, CA

San Diego, CA -- (SBWIRE) -- 08/01/2018 -- Consumers are bombarded daily with facts, reports, and ground-breaking news when it comes to healthy credit scores. Though much of this information may be true, a lot of it is misread and turned into a credit score myth. That’s why the editors of oscarnominations2017.com have come up with a few common misconceptions about credit scores, and busted those myths.

Myth: Having a lot of credit cards can damage credit scores.

Truth: On the contrary. It can actually be harmful to a credit score to close accounts and only use one or two credit cards. Lenders are worried about payments, not about how many cards a consumer has. Rather than closing a card once the debt is paid off, keep the card and use it responsibly.

Healthy credit can be maintained by having a handful of cards, and using them correctly. This doesn’t mean spending money that can’t be paid back, but rather using credit cards for purchases that are in a consumer’s budget.

Myth: Personally checking a credit score is bad.

Truth: There is actually nothing better than to be in-the-know about where a credit score falls. While repeated hard inquiries for a credit report can be damaging, doing a credit check once a year to find out one’s score is actually a healthy practice. Free soft inquiry credit checks can be done once a year, so make sure to stay informed.

Checking one’s credit can be useful when making sure everything is correct. Studies show that 25% of credit reports contain errors, so make sure to catch those mistakes!

Myth: Unsecured Personal Loans are big trouble.

Truth: Sometimes life throws curve balls that require financial help, and thus the unsecured personal loan was born. If it is really an emergency, like medical issues or car trouble, an unsecured personal loan can be the answer for people who have bad credit. These kinds of loans must be handled responsibly and only if all other options have been exhausted.