Today lot of myths about fico score rating is spread and some of myths are totally obsolete. So avoid bad information as it can cost you money. So here are some common credit score myths:
- Checking your credit report will hurt your credit score
- Closing old accounts will improve your credit report score
Generally closing old accounts do not improve your credit rating score but the effects are reverse. If you need to close some accounts, close your new accounts. Apply for a new credit lower your credit score.
- You need to check more than just FICO score rating
- Credit counseling will hurt your score
The best way to improve your credit report score is paying your bills on time and paying down credit card debt. Check your credit report regularly for any errors and make sure you don't fall for these common credit score myths.