3 Credit Score Myths

These common assumptions could take big points off your FICO score?and leave you paying more on loans and credit cards.

If you?ve ever turned to the Internet for the answer to a question about credit scoring, you probably ended your search more puzzled than when you began.

There?s a lot of misinformation out there. And FICO, the company responsible for the most often used scoring model, only reveals limited information about how the sausage is made?which doesn?t help matters. Plus, since everyone?s credit profile is different, there are often no clear yes or no answers to common questions.

With that in mind, here are three important credit half-truths that you need to understand. After all, the more you know, the higher your score is likely to be.

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