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Bing Search If you want to avoid problems with lenders, landlords, insurers freecredit Anchorage and others, it pays to know the freecredit Anchorage difference between credit fact and credit fiction.

Related topics: credit score, credit reports, financial planning, loans, Liz Weston A decade has passed since the vault cracked open and we started learning how credit scores really work. For years, the creators of the leading credit scoring formula, the FICO, didn'freecredit Anchorage t want consumers to know the scores existed, let alone what went into them. In early 2000, however, E-Loan started letting customers see their FICO scores. That free experiment was quickly shut down, but the secret was out.

Pressure from consumer advocates freecredit Anchorage and lawmakers finally persuaded the FICO creators freecredit Anchorage -- a company named Fair Isaac, now freecredit Anchorage known as FICO -- to reveal later that year the 22 factors, grouped into five categories, that went into creating its scores. But 10 years later I'm still hearing many of the stupid myths about credit and credit scoring that prevailed 10 years ago, plus some that have sprung up since. Their prevalence is keeping people from understanding one of the most important numbers in their financial lives. Credit scores are used: Failing to understand credit scores and how they work, in other words, really can put a dent freecredit Anchorage in your financial life. how to get free credit report online Here are the seven most dangerous myths that need to freecredit Anchorage be dispelled: Myth No 1: "If freecredit Anchorage you handle your finances responsibly, your credit scores will take care of themselves." Fact: A credit score is not a financial-health score. It doesn't measure your income, assets or financial savvy. There are freecredit Anchorage some behaviors that may be good for your wallet that aren't good for your scores. Keep in mind that freecredit Anchorage credit scoring formulas have one primary purpose: freecredit Anchorage to help lenders gauge the likelihood you'll default, based on how you handle freecredit Anchorage credit. If you stop using credit or freecredit Anchorage use it in a way the formulas don't like -- using only one card, shutting down a bunch of accounts or maxing out your cards, even if freecredit Anchorage you then pay them off in full -- your scores could suffer. free credit scores 2: "Checking your credit hurts your credit scores." Fact: Checking your own credit reports freecredit Anchorage and scores does not affect your scores. A credit check could hurt you if you asked a friend at a bank or car dealership to pull your credit freecredit Anchorage reports. Such transactions probably would be coded as "hard" inquiries, or as applications for freecredit Anchorage credit, which could ding your scores. But checking your own credit is otherwise a non-event. This persistent myth is particularly destructive, because it discourages people from knowing freecredit Anchorage what's going on with their credit reports and scores. Many reports contain serious freecredit Anchorage errors that result in your being turned freecredit Anchorage down for a loan or paying a freecredit Anchorage much higher interest rate than you deserve. You need to visit AnnualCreditReport.com at least once a year to view your free credit reports from the three bureaus and dispute any serious errors. If you'll be in the market for a major loan, such as a mortgage or freecredit Anchorage an auto loan, you'd be smart to buy your FICO scores from myFICO.com to see how lenders are likely freecredit Anchorage to view your application and get tips freecredit Anchorage from improving your numbers.

3: "Asking freecredit Anchorage for lower limits will help your credit." Fact: Having sizable credit limits is a good thing for your scores, as long as you don't use them to run up debt. credit check free Lenders like to see a big gap between your freecredit Anchorage available limits and the amount of credit freecredit Anchorage you're actually using. A lower limit freecredit Anchorage reduces that gap, which can be bad news for your credit scores. Of course, if you can't trust yourself not freecredit Anchorage to use your available credit, the damage to your credit scores may be the least of your worries. Otherwise, though, you probably should leave your credit limits alone. 4: "You need to carry a credit card balance to have good scores." Fact: You don't need to be in debt or pay a penny freecredit Anchorage of interest to have good credit scores.