Fair Isaac and Company and the National Endowment for Financial Education have identified these credit common myths.


Myth #1: My credit score determines if I get credit.


Many facts are used to determine if you will get the credit card or loan youíve applied for. Your credit score does matter, however, lenders also have their own policies that help them make credit decisions.


Myth #2: Once my credit is damaged, I canít raise my credit score.


A credit score shows how your credit looks right now. You canít change your credit history, but with time and effort, you can improve your credit score.


Myth #3: My credit score will drop if I apply for new credit.


Applying for credit cards or loans over varied periods of time wonít hurt your credit score. If you apply for several credit cards in a short period of time, multiple requests for your credit information will appear on your credit report. To many requests can raise a red flag for lenders.


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