Don't Waste Your Money: 4 credit score myths debunked - Toledo News Now, Breaking News, Weather, Sports, Toledo

Don't Waste Your Money: 4 credit score myths debunked

Posted: Updated:
(Toledo News Now) -

Many people won't check their credit report because they've heard it can hurt their credit score. There are many other myths when it comes to your credit. Do you know fact from faux?

Looking to improve your credit score? Then you may be tempted to settle some debts, close a credit card or two, and earn a bit more money. Unfortunately, all of those are myths when it comes to that mysterious credit score.

We all want the highest number possible at Equifax, Experian and TransUnion. But how do you get a 550 or 675 credit score closer to a perfect 800?

Bankrate says many people believe in the wrong fixes.

Bankrate's Top Credit Score Myths

-Paying off your debt will raise your credit score. No, you want some revolving credit.

-Credit counseling destroys your score. No it doesn't, unless you settle credit card bills for pennies on the dollar.

-Checking your annual credit report hurts your score. No, checking it is actually a good thing.

-Divorce releases you from your spouse's bad credit history. Sorry, that takes years.

Doesn't That Stink

Perhaps the biggest credit score myth of all is missing a credit card, mortgage, or car loan payment won't hurt too much. Not true. Actually, it will hurt your score, as much as 50 points or more.

Simplest Way To A Good Score?

Never miss an installment payment.

Finally, Bankrate reminds you that there are no quick fixes to a low credit score. It takes time and diligence to rebuild your score if it takes a hit.

That way you don't waste your money.

Copyright 2013 Toledo News Now. All rights reserved.