Stop Believing In These Credit Score Myths

Budgets Are Sexy sifts through the mysterious black magic that goes into establishing your credit score and reveals 10 myths to note when you’re making financial decisions that may affect the score.

From the post:

Things You Expect that Don’t Happen:

* When I get married, we get a joint credit score: Not so. Each person has their own credit score ’til death do you part. However, when you open accounts jointly, that information will be reflected on each of your credit reports, for better or for worse.

* My job/income impacts my credit score: Sorry, but making six figures, winning the lottery, or inheriting a fortune will not give you a good credit score. Your net worth and income are not factored into your score.

* Paying off credit card debt will boost my credit score 50 points: Depending on how much credit card debt you had, you may see some increase. However, credit card utilization is an important component of your credit score and those with the highest credit scores have about 10% utilization.

Click on the link below for the rest of the myths. And note that acrificing eyes of newt in to the credit god Chargebakka does less good than you’d think.

Top 10 Credit Score Misconceptions [Budgets Are Sexy]