Kathryn's Blog


8 Credit Score Myths

Tagrid Shunia, a lending and credit pro from West Palm Beach, Florida, offers some solid insight into credit scores in this article below.  If you are checking your credit scores, please make sure you are doing it via one of the three bureaus mentioned in her article:



credit score myths

Your credit scores are one of the most critical pieces of your financial life. Whether it’s a utility company, car dealership, auto insurance, business loan, home loan, landlord or employer, they all utilize your credit score as a factor for credit risk. 

How valuable is your credit score?

First and foremost, bad credit can cost you thousands of dollars per year. Not only will you pay higher interest rates and fees, getting approved for any type loan is quite challenging with lower credit scores.

You may want to check your credit scores without getting a penalty for a credit inquiry at http://www.truecredit.com/  This site is owned and secured by Transunion.

 Also, make sure to avoid these 8 credit score myths:

  • Myth Number 1:  Your age and sex are part of your credit score - None of these factors affect your credit score.
  • Myth Number 2Just because you have a high salary, doesn’t necessarily mean it’s a supplement to your credit score - Salary is not a part of your credit score factoring
  • Myth Number 3:  When you get married, your scores are merged together - Good credit or bad credit is your credit and yours only
  • Myth Number 4:  You don’t need to check your credit if you pay your payments on time - Fact: 80 percent of all credit reports have erroneous information ranging from a wrong birth date to accounts you never applied for
  • Myth Number 5:  All credit reports are the same - False: Most creditors favor other bureaus and report to only one, sometimes two and commonly to all three bureaus, Transunion, Equifax and Experian
  • Myth Number 6:  If you file for bankruptcy,  your score is permanently ruined - Don’t file bankruptcy unless you have no other alternative with your creditors. Bankruptcy is a huge tarnish upon your credit report, however, rebuilding and restoring your credit is the key to better credit scores even with a bankruptcy reporting.
  •  Myth Number 7:  Closing your old accounts will boost your credit score - There is no reason to update and close an old account if has not been reported for years, updating old accounts hurts your scores not help your scores.
  • Myth Number 8:  Do it yourself credit repair - Always hire a professional, for whatever financial or real estate concern you have. Never hire a professional that wears too many hats in their summary, (example: realtor, financial planner, insurance agent, etc.  all crammed onto their title page or business card). At least get a recommendation for your real estate and financial needs that specializes with your request.

Related Articles:

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Kathryn Acciari, Brand Ambassador

Century 21 Real Estate LLC
175 Park Avenue
Madison NJ 07940

Serving Brokers, Owners, and Agents Throughout New England

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Blog: Real Estate Blog
Twitter: @kacciari

Comment balloon 5 commentsKathryn Acciari • July 20 2011 06:53AM


Good morning, Kathryn.....good list of myths about credit scores.....an important topic.

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) about 9 years ago

Barbara:  Hiya!  Thank you -  this is yet another area where the do-it-myself crowd can get mucked up in bad information.

Posted by Kathryn Acciari, Brand Ambassador and Business Coach (Century 21 Real Estate) about 9 years ago

Excellent advice...there ARE lots of myths about credit...including never to get a credit card and pay everything in cash...oh not.

Posted by Sally K. & David L. Hanson, WI Real Estate Agents - Luxury - Divorce (EXP Realty 414-525-0563) about 9 years ago

Kathryn what amazes me MOST people don't understand when you reach the age of 18 remainng years of your life is based your credit scores ... Enjoy your Sunday dallas homes for rent by owner dallas houses for rent by owner lynn911.com

Posted by Lynn911.com ~ Dallas Real Estate Agent Top Team (Dallas Houses for Rent Dallas Apartment Rentals Lynn911.com ) about 9 years ago

There are still a lot of people confused about how their credit scores are calculated.. good job exposing some of the myths!

Posted by David Artigliere, ARTI Home Inspections, ASHI Certified Home Inspect (Reading, Pottstown, Norristown, Philadelphia) about 9 years ago