Credit score scale Minnesota

But 10 years later I'm still hearing many of the stupid myths about credit and credit scoring that prevailed 10 years ago, plus some that have sprung up since. Their prevalence is keeping people credit score scale Minnesota from understanding one of the most important numbers in their financial lives. Credit scores are used: Failing to understand credit scores and how they work, in other words, really can credit score scale Minnesota put a dent in your financial life.

Here are the seven most dangerous myths that need to be dispelled: Myth No 1:credit score scale Minnesota "If you handle your finances responsibly, your credit scores will take care of credit score scale Minnesota themselves." Fact: A credit score is not a financial-health score. It doesn't measure your income, assets or financial savvy.

There are some behaviors that may be good for your wallet that aren't good for your scores. Keep in mind that credit scoring formulas have one primary purpose: to help lenders gauge the likelihood you'll default, based on how you handle credit. If you stop using credit or use it in a way the formulas don't like -- using only one card, shutting down a bunch of accounts or maxing out your cards, even if you then pay them credit score scale Minnesota off in full -- your scores could suffer. 2: "Checking your credit hurts your credit scores." Fact: Checking your own credit reports and scores does not affect your scores. get a free credit report A credit check could hurt you if you asked a friend at a bank or car dealership to pull your credit credit score scale Minnesota reports. Such transactions probably would be coded credit score scale Minnesota as "hard" inquiries, or as applications for credit, which could ding your scores. But checking credit score scale Minnesota your own credit is otherwise a non-event. This persistent myth is particularly destructive, because it discourages people from knowing what's going on with their credit reports and scores. Many reports contain serious errors that result in your being turned down for a loan or paying a much higher interest rate than you deserve. You need to visit AnnualCreditReport.com at least once a year to view your free credit reports from the credit score scale Minnesota three bureaus and dispute any serious errors. If you'll be in the market for credit score scale Minnesota a major loan, such as a mortgage credit score scale Minnesota or an auto loan, you'd be smart to buy your FICO scores from myFICO.com to see how lenders are likely to view your application and get tips from improving your numbers. free credit report online instantly 3: "Asking for lower limits will help your credit." Fact: Having sizable credit limits is a good thing for your scores, as long as you don't use them to run up credit score scale Minnesota debt. Lenders like to see a big credit score scale Minnesota gap between your available limits and the amount of credit you're actually using.

A lower limit reduces that gap, which can credit score scale Minnesota be bad news for your credit scores. Of course, if you can't trust yourself not to use your available credit, the damage to your credit scores may be credit score scale Minnesota the least of your worries. Otherwise, though, you credit score scale Minnesota probably should leave your credit limits alone. 4: "You need to carry a credit card balance to have good scores." Fact: You don't need to be in debt or pay a penny of credit score scale Minnesota interest to have good credit scores. Your credit reports and scores don't "know" whether you're carrying a balance or paying it off in full every month. That's because the balance reported to the credit credit score scale Minnesota bureaus typically is the balance from your last statement, not what was left over after credit score scale Minnesota you got that statement and paid the bill.

So you might as well pay in full and save yourself the interest.

This credit score scale Minnesota myth encourages people to carry unnecessary debt, putting them at the mercy of credit card issuers and eroding their financial security. access free credit report I'm dept free and already have all the "Stuff" I need.

I was told I should utilize my credit cards more to build credit...but....so far I have had no trouble getting by.

I travel for credit score scale Minnesota fun which is pretty much the only time I use them and life is credit score scale Minnesota good.

I invision evil little trolls in a credit score scale Minnesota dark cavern, somewhere, just cursing my ability to function outside of the credit system. Think about it, credit scores are only important to the lender or the people attempting to get the lender to lend to them.