We all heard of things that we "should" or "should not" do when it comes to your credit score. Perhaps a Mortgage Loan Officer had some advice for you; perhaps it was the Finance Manage at the local car dealership or a good friend of yours. Unfortunately, most of the advice given by these individuals is based on what we call Credit Score Folklore and has nothing to do with reality. In some cases this advice can lead to damaging results and a lower credit score.

We hope that if you read and understood the "How Credit Score Works" section, it will be easy for you to see why the following items are FALSE. To make sure you have the best information possible, we will cover each item in detail within the next section.

1. Asking your Credit Card Company to lower your limits will boost your credit score FALSE

2. You can help boost your credit score by closing credit accounts FALSE

3. Checking your own credit report will hurt your credit score FALSE

4. Shopping for best rate will hurt your credit score FALSE

5. The only way to get a good credit score is to pay interest FALSE

6. Living on cash-only basis will equate to a great credit score FALSE

7. Closed accounts should read "Closed By Consumer" or it will hurt your credit score FALSE

8. Submitting a 100-Word statement to explain your unresolved dispute with a lender will help your credit score FALSE

9. Bankruptcy will prevent you from getting credit FALSE

about | contact