3 Credit Score Myths
Can you spot a credit score myth when you see one? Survey after survey, including a 2017 MoneyTips survey, finds that people continually believe the same credit score myths. Have you fallen for these examples?
1. Checking Your Own Credit Report Drops Your Score – This myth confuses the two types of pulls on your credit report. When potential lenders pull your full credit report as part of a credit card or loan application, it's known as a "hard pull". Hard pulls can temporarily drop your credit score. They imply greater credit usage and risk, especially if you're applying for multiple lines of credit.
When you check your own report, it's a "soft pull" that does not affect your credit. Other soft pulls include requests from potential employers doing pre-employment checks or insurers/credit card companies who want to send you pre-approval of...
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