When it comes to the world of credit reporting and scoring, misinformation and myths abound. You will find many self-proclaimed “experts” or “gurus” laugh out loud who are all too quick to give consumers advice regarding how to improve credit scores. Even your cousin, your parent, your banker, or your Realtor may think that they have great credit advice to give you.
While your loved ones and even some of the “experts” may have good intentions at heart, you should be very careful before blindly following advice about how to improve credit scores. Following the wrong advice could damage your credit scores and might cost you a lot of money in the long run. Controlling your credit scores isnt like making a pizza, where even if you do it wrong it still tastes decent.
Here are a few of the most popular credit myths which, if followed, could have very negative consequences for your credit scores: