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7 nasty credit myths that won't die

submitted on June 7, 2010 by webbyone2010 in "Member's Lounge"
We've been adding to our knowledge ever since. But 10 years later I'm still hearing many of the stupid myths about credit and credit scoring that prevailed a decade ago, plus some that have sprung up since.

These myths aren't just annoying. Their prevalence is keeping people from understanding one of the most important numbers in their financial lives. Credit scores are used:

* By lenders, to determine whether you're approved for loans or credit cards, along with the interest rates and terms you get.

* By insurers, to set premiums.

* By cell phone companies, to see who qualifies for a contract and who doesn't.

* By utilities, to determine whether you need to leave a deposit and how much.

* By landlords, to decide who gets apartments and rental houses.

Failing to understand credit scores and how they work, in other words, really can put a dent in your financial life.

Full article here: http://articles.moneycentral.m.....

Which ones have you believed?


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