Facts and Myths

Tradelines have to stay on  your credit for seven to ten years. This is incorrect. There is no law that says information has to be there at all.

Checking my credit score will lower it. This is also incorrect. If you check your credit score with the credit reporting agencies directly, it is called a soft pull and will not affect your credit score. However, if you go through a mortgage broker or a car dealer and they check for you, this is called a hard pull because it looks like you are applying for a loan and this hard pull will lower your score.

Carrying a balance on my credit card will boost my score. The larger the balance, the more upset your credit utilization ratio can become. And this will lower your score.

My income is in direct relation to my credit score. Your income is a measurement of your capacity to pay bills but it does not measure your potential credit risk.

A perfect credit score does not really matter. This one is true. It may sound great to have a score in the 800s, but there are really no added benefits. As long as you have a score of 760 and above, you will qualify for the best deals on loans.

My employer can see my credit score. This is incorrect. Employers can pull your credit report, but it is not the same report a lender has access to. So a potential employer will not see your score but they will see your debt and payment history.