![]() 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 Need help establishing your credit or restoring your credit, go to the resource page and check out the credit builder credit card.
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