Credit Score Myths and Facts

The truth about what will affect your credit score

Casey Botticello
6 min readAug 17, 2018

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Source: Escaping The 9 to 5

There’s more credit score information available than ever, but unfortunately, many consumers continue to hold harmful misconceptions about credit scores. Here are some of the largest myths surrounding credit scores.

Checking Your Report will Hurt You Credit Score

Photo by Andrew Neel on Unsplash

A notation called an “inquiry” goes on your credit report every time someone (including you) looks at your file, and rumor has it that inquiries can hurt your score. Well, yes and no. An inquiry affects your score only if it’s related to a credit application that you have submitted. If you apply for a loan or a credit card, your score might fall, because that application suggests you’ll be adding debt. But if you simply look at your own credit report, the resulting inquiry won’t affect your score. If anything, checking your report is a sign of responsible credit management, though you don’t get points for doing it.

Closing a Credit Card Will Increase Your Credit Score

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