It would seem that the credit score is not without its share of urban legends. Many people bandy around the following myths as if they were the gospel truth when they are far from it. It is true that there is a set of actions you can take to affect your score, but these are not them:
- Debt repayment instantly cleans up your credit rating.
- Credit counseling can ruin the credit score.
- If I cancel my cards, my score goes up.
- Too many hard inquiries detracts from my score.
- Self-checking my score hurts my rating.
- Credit scores don’t change for six months.
- If all of my bills are current, I don’t have to check my report.
- There’s no difference between the credit reporting bureaus.
- Getting divorced also uncouples the joint credit cards.
- All negative reports fall off the report after seven years.
- It is possible to pay someone to clear up the bad reports on my credit report.
None of these myths affect your score in any way. There are tried-and-true steps you can take to preserve your credit and the credit rating agencies show you how.