Myths about credit scores

Everybody who has been paying attention knows that credit scores have become much more important than they were just a couple of years ago. They affect everything from qualifying for a mortgage loan or a car loan, and what interest rate you’ll pay for those loans, to how much you pay for car insurance in many places. The problem is that most people don’t really have any idea what a credit score is, how how to improve it. (To quote a current television ad, “There is no credit fairy!”)

This article from Yahoo! Finance this morning doesn’t help much with the definition of a credit score, but it does a good job discussing some common misconceptions:

Six Popular Credit Score Myths

I wrote earlier this year with a little more background on the subject:

Important Info About Your Credit Score!

That info, with today’s article, should be helpful for folks who are unsure what to do about mistakes they may have made in the past.