Sunday, September 25, 2016

Bob Jain & 3 Myths People Still Believe About Credit Scores

By Paul Martinez

Most people know that keeping a good credit score is vital to their financial standing. After all, this can make all of the difference being approved or denied a loan in the future. Bob Jain and other authorities on finance can agree, which is why it's important to make note of the biggest myths regarding credit scores. Here are just 3 to make note of, as well as information that can help you debunk them in the future.

"Certain pieces of information impact credit scores." Many people are under the impression that personal information can impact their credit scores. However, companies such as Bob Jain Credit will tell you that they have no impact whatsoever. It doesn't matter what gender you are, what your race is, or what have you. Everyone is on equal footing at the onset; only those who use credit responsibly will gain the upper hand.

"Your partner's credit score will apply to you." You shouldn't make the mistake of assuming that if your score is bad, you can make up for it with your partner's. The reason for this, as supported by Bob Jain CS, is that their score applies to them alone. It doesn't matter how long you've been with this individual, either. Whether you're looking to purchase a car, home, or something else entirely, your own score must be accounted for.

"It's okay to close an account." Another myth that's commonly believed about credit scores is that they aren't impacted when accounts are closed. However, depending on your situation, your score might be negatively affected more than anticipated. This is especially true if you have another card that has a high balance on it, which doesn't come across well to banks and other financial institutions. Before you close an account you might not use anymore, consider the potential consequences.

When it comes to credit scores, you can clearly see that there are numerous myths that people still believe about them. This doesn't mean that you have to fall for the same examples of misinformation. In order to prevent this from occurring, you should make it a point to learn as much as you can about credit scores. The more legitimate information you have on hand, the easier it will be to keep your score at a high level.

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