Credit Score Misconceptions...

Having a great credit score can help you with more than just buying a home or a car...did you know that? Some insurance companies base what they charge off of a credit score...unfair maybe but it happens.

Here are a few misconceptions people have about their credit scores and what affects them:

Misconception 1: I am caught up now so paying late didn't hurt my credit score....wrong! Recent late payments are like poison for a credit score...keep that in mind.

Misconception 2: It's all about the dollar amount late that matters....wrong! Being late with $5 dollars will hurt your credit score the same as being late with $1000. Debt ratios and recency matters...always pay your bills on time every time.

Misconception 3: Help your credit score by closing credit card accounts...wrong. Canceling a card by ending what could be a good history and available credit...keep them open and current...practice restraint.

In tough economic times we have a tendency of putting more on credit cards rather than pay cash...try and stay on a budget and if your income is tight remember this while you are shopping "If I don't need it and I can't eat it, I can't have it!"

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