5 myths about your credit score

5 ΜΥTHS about your · Credit Score There is only one way to measure your credit score MYTH #1 BANK NAME BA NAE e 3456 BANK NAME BANK NAME BANK NAME BANK NAME 5678 9012 3456 34 5678 9012 3456 8 4012 BANK NAME OLDER NAME 01/25 BANK NAME 1234 1234 CARDHOLD BANK NAME BANK NAME 74 1234 5678 9012 3U 3456 1234 EXPIRES ENP 12 345 CARDHAL FALSE! There are actually dozens of different credit scores and that is why the score you check yourself may not match what a bank or lender gets when they pull your credit. Although most use FICO, it is not always guaranteed. Secured credit cards can fix your credit quickly MYTH #2 BANK NAME 3456 1234 1234 CARDHOLDER NAME FALSE! Secured credit cards will help your credit, but if you have negative information still on file it can take a while for the good to outweigh the bad. Once you have good credit, it will continue to get better MYTH #3 FALSE! It is actually harder for someone with a score of 800 to gain points than someone with a lower score. Closing old accounts will help your credit score MYTH #4 FALSE! This is not always the case. Older accounts with a good payment history still help your overall credit score, even if they have been paid off. Only credit cards and loans are counted towards your credit score MYTH #5 Your Caed Number: 8818 7747 4444 9949 Credt Limit: €12000 FINAL NOTICE PASTDUB 8495.77 f 00 €9s07 64 €187.55 FINAL NOTICE GYM NAL NOTICE THE INVOICE FINAL NOTIC Sumary AVOICE Balance brought forward Payments to your account Spending on your a Your Card Numb FALSE! Unpaid bills and bills that are paid late also negatively affect your credit. In some places, even things like unpaid traffic tickets, lapsed contracts that were unpaid (Like a gym membership or contract for TV seruice) and library fines can go on your credit. COMMUNITY FIRST Credit Union Love Where You Bank ©2015 Community First Credit Union www.communityfirstfl.org Sources: http://www.forbes.com/sites/moneywisewomen/2012/03/29/the-top-6-misconceptions-about-credit-scores-2/ http://abcnews.go.com/Business/fico-vantagescore-credit-score-riualry-heats/story?id=28618868 http://blog.credit.com/2015/02/how-fast-can-a-secured-credit-card-improue-my-credit-109297/ http://www.forbes.com/sites/moneywisewomen/2012/03/29/the-top-6-misconceptions-about-credit-scores-2/2/ http://www.huffingtonpost.com/wiseraduisorcom/tips-for-boosting-your-cr_b_6691518.html http://www.unews.com/news/business/15345110-95/7-weird-things-that-can-hurt-your-credit-score BANK NAME CARDHOLDER NAME