Here are some common myths about credit scores:

credit scores
  1. A low credit score disqualifies you from all credit cards: This is not true. While a low credit score can make it harder to get approved for credit cards, it doesn’t mean you won’t be able to get one .


  2. Paying your utility bills on time improves your credit: While paying your utility bills on time is important, it doesn’t directly impact your credit score. However, if you miss payments, it could negatively impact your credit score .


  3. Experian, TransUnion, and Equifax calculate credit scores the same way: While all three credit bureaus use similar methods to calculate credit scores, the scores may differ slightly due to differences in the data they collect .


  4. Every adult automatically has a credit score: This is not true. You need to have a credit history to have a credit score. If you’ve never taken out a loan or credit card, you may not have a credit score .


  5. Checking your credit hurts your credit score: This is not true. Checking your own credit report or score is considered a “soft inquiry” and does not impact your credit score. However, if a lender checks your credit as part of a loan or credit card application, it will be considered a “hard inquiry” and could impact your credit score .


I hope this helps clear up some common misconceptions about credit scores. Let me know if you have any other questions.

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