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Credit Myths
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People can check their credit report or score as many times as they want without hurting their credit rating. When shopping for a mortgage, your credit can be checked multiple times in a 30-day period without penalty.
Having credit cards open does not harm your credit score and can even help if they are in good standing. Having them maxed out hurts.
SOURCES: Fair Isaac Corp., Freddie Mac, Credit.com Educational Services
Fact
You can improve your credit score over a shorter period of time. The most recent entries to your credit report carry more weight than old ones.
Bad debts, charge-offs and late payments can stay on your credit report for at least seven years. But you can provide an explanation of your situation in a very limited space on future credit reports.
Your credit report must show that you are caught up, but it will also show that you were late.
A first-time delinquency can drag down your score by at least 100 points. The later the payment, the more the damage.
Nobody needs to pay to fix errors. Contact the credit bureau that created the report and work with the bureau to erase mistakes. But mortgage lenders can pay for a service that could help expedite the process.
People can check their credit report or score as many times as they want without hurting their credit rating. When shopping for a mortgage, your credit can be checked multiple times in a 30-day period without penalty.
Having credit cards open does not harm your credit score and can even help if they are in good standing. Having them maxed out hurts.
SOURCES: Fair Isaac Corp., Freddie Mac, Credit.com Educational Services
