As most people know, maintaining a credit score over 600 is ideal. Oftentimes, if your score drops below that number, it can affect the kinds of loans you’ll qualify for, your ability to rent a house or apartment, and credit card interest rates. However, while you should be vigilant about keeping your credit score above 600 (ideally higher), there are myths regarding what can and can’t affect your credit history and score.
Staying on top of your credit is important. But to avoid any additional stress that comes with that, here are a few myths about your credit score that you should either stop or avoid believing.
Myth 1: Marrying a person with a low credit score can harm your own. “What’s mine is yours” doesn’t really apply here. If you’re concerned about marrying someone with poor credit, don’t worry about it taking a toll on your own score. You’ll still maintain your separate credit histories and scores, and when it comes to lenders, you won’t be denied a loan based on your spouse’s credit. However, this myth may actually apply in cases of jointly applying for a mortgage or other kind of loan.
Myth 2: Finding a job with a larger salary will help your credit score. Dream scenario, right? Taking on a higher-salaried job that will help your credit rating? Unfortunately, it’s not the case. While earning higher wages is always a good thing, a new salary and job title won’t play a role. Fortunately, your credit history will not be affected if you lose or resign from a job. It’s important to note, however, that lenders are often way about approving loans from applicants whose employment history involves positions that only lasted a few months.
Myth 3: Your credit score will go down if you check it often. Making credit score requests getting pre-approved for a credit card or loan won’t affect your actual score. In fact, it’s smart to be proactive and check your score on a regular basis. It’s important to check it at least once a year, and you’re entitled by law to request a free annual credit report so that you can notice any inconsistencies or possible identity theft.