Credit Score Myths You Need To Stop Believing

Maintaining a good credit score is of huge importance. However, it is becoming increasingly difficult to do because there are so many myths out there about credit ratings. This can easily cause someone to believe something they shouldn’t, and so they end up damaging their credit score when they thought they were improving it. With that being said, read on to discover some of the most common credit score myths that you need to start believing.
Credit scores do not change often – In fact, your credit score can change on a daily basis. Therefore, any changes you make can have a quick and big impact, be it a good one or a bad one. A lot of people think something drastic has to happen for a score to change, but this is not the case. One payment could cause your score to go up by quite a few points.

A higher income will improve your credit score – Your income has no influence on your credit score whatsoever. Your credit score is all about how much you borrow and whether or not you pay it back. Someone who earns £15,000 per year could have a better credit rating than someone who earns £150,000 per annum.
You’re doomed if you have missed a credit card payment – There is no denying that missed payments have a negative impact on your credit score and they often stay on your account for six years. However, this does not mean that you are doomed. So long as you make an effort to ensure it never happens again and you pay your debts off, you can rectify the situation. If you are struggling to pay your debts, the best thing to do is head to for more information. Don’t be afraid to seek professional help. After all, the burden of debt is not something that should be carried on one person’s shoulders.
You will boost your score by closing a credit card you don’t use – Actually, this could have a negative impact because you will then be using more of the credit that is available to you. By having an unused credit card open, you have credit available to you that you are not using, and this is viewed as a positive.
Married couples have just one credit score – You will always have your own credit score. There is no such thing as a joint credit score. Nevertheless, if you are financially associated with someone, for example, you have a joint loan or bank account; you may be impacted by the other individual. You can find more on this at If they have bad credit, it could have a negative impact on your score, so it is worth keeping this in mind.
As you can see, there are many credit score myths that are floating around at the moment. Hopefully, you now feel like you have a better understanding regarding credit scores and what influences them.

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