Adapted from MU Office for Financial Success Tip of the Week by Andrew Zumwalt, Assistant Extension Professor, Personal Financial Planning, University of Missouri Extension
A credit score is a number based on your credit history that is used by banks, lenders, landlords, employers and many others to try and predict your future reliability. Your credit score matters, but it’s not always clear what hurts or helps your score. Here are six common myths about credit scores and the related truth.
- Myth: Having no credit history is the same as good credit.
FALSE! While having no credit history is better than having a bad credit history, it’s not the same as having a solid track record managing credit. You have to use credit to influence your credit score, and it may be tough to establish credit without a credit history and an established relationship with a financial institution…
For the complete list of myths and facts, see the full article athttp://missourifamilies.org/features/financearticles/cfe97.htm
