I am not the end all be all of all information but I just read this small article about credit score misconceptions.
I am concerned that people don't already know this information. Read the article and then look at my responses.
1. FICO is not the only bureau, but it is the most widely used score for loan purposes.
2. You can check your own credit all you want. This will not hurt your scores as long as you check it the right way. So people have access to run credit reports in various industries. If you work at a car dealership you can run your own report, but this will hurt your score because it appears that you are shopping for a loan. Make sure that you get your report from a reputable source and you will be fine. Try using annualcreditreport.com
3. Most employers are only looking to see if you have a history of problems.
4. Your credit score will naturally improve as long as you are doing the right things. Try to keep your debt to no more than 35% of your available credit and pay your bills on time every time without failure.
5. Credit cards are good for your score up to a point. The best way I can say to do it is for you to have no more than two cards in your wallet. Keep your credit spending to less than 35% of the total available on each card. If you really think about it just save the cash and then buy your stuff.
6. If you already have a good score you are not on easy street. You still have to do your own due diligence to make sure your score stays high. Make sure you are monitoring your credit and paying your bills on time. It is real easy to get comfortable and stop paying attention. Your score can fall fast and take a long time to bring it back.
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