I had another great opportunity to be a finance expert on Experian’s #CreditChat panel. The topic was myths about Credit Reports. After I gave my insights I thought to share some with you.
When it comes to credit reports, there are various myths and misconceptions.
Here are 5 myths and responses:
As the panel responded to questions regarding credit reports myths there were some about credit reports, Here are a couple that were asked:
“Does closing a credit line impact your score?” Yes it can as the length of time you had the credit line is a component of your credit score. So when you close a card that removes your ability to get rated on that component for that line time.
Should I leave a small balance on my credit cards as I was told it help my credit scores?”. It’s actually always best to pay your card balance in full each month or at the very least within 10-28% of the balance. Another component of your score is the amount of debt owed. So when that percentage is 0 or less that 30% it helps your score.
These were the most common credit myths debunked! I also encourage you yo do your research and if there are other myth you wanted debunked, let me know.
Check out other blog on credit reports here
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