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Credit Score Fact & Fiction

By Guest

With everything you already have to do, you may put off learning about your credit score. Is it really all that important? YES! Read on to learn some common myths about this mysterious number.

The answer to these questions is a resounding yes. There are many fictional ideas about credit scores that many people adopt as fact. It’s important to understand what is fact and what is fiction about your credit, and more specifically your score.

First, what are some of most common uses of the credit score? A credit score is used to determine how much money can be loaned to you for large purchases. In turn it will factor into what interest rates you are charged for a credit card or a car payment. The credit score may even determine how easy it is for you to rent an apartment, purchase a cell phone plan, or finance anything.

Now that some facts have been established, how about the fiction? Many people are unaware that one person can actually have many different credit scores assigned to them. Most people think they only have one definitive score. However, with three major credit bureaus, you could have three different credit scores. Each bureau’s calculation can vary slightly. The score a lender uses for any given person depends on the bureau the lender has consulted.

Another faulty concept people have about credit scores deals with salaries. If you get paid more at your job, the extra income will not help with credit repair, as it’s commonly thought. It doesn’t matter how much money you make. Credit scores depend only on your personal credit history, not on the wage you make at your job.

Likewise, people tend to think that credit repair happens in paying a large chunk of money to creditors (at one time). This is done in a quick attempt to improve credit scores-but it’s a fallacy. Credit repair happens over time. Chunks of money being dumped on a creditor always help, but long-term, consistent payments are a better way to improve your credit score in the long run.

So after reading some fact and fiction on credit, you may be motivated to find out exactly what your score is. Sometimes people think the number can be accessed easily and for free. Though it is relatively simple to obtain your credit score, it’s not free. It usually costs 15 dollars each time you request your score.

So make sure you know the facts when discussing and researching your credit score. Be sure to check your credit report and possibly your score once a year. Understanding the common misconceptions can save you troubles in the end.

Nitro Credit focuses on credit repair, credit help, improving your credit score, and credit restoration. We’ll help you have a clean slate and the confidence of good credit.

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Article Citation
MLA Style Citation:
Guest, Guest "Credit Score Fact & Fiction." Credit Score Fact & Fiction. 22 Jun. 2010. 6 Dec 2015 <>.

APA Style Citation:
Guest, G (2010, June 22). Credit Score Fact & Fiction. Retrieved December 6, 2015, from

Chicago Style Citation:
Guest, Guest "Credit Score Fact & Fiction"

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