8 October, 2020
We decided to put a list together of other “myths” around credit scores.
1 Checking your credit score affects your score
Checking your credit score or report does not affect your score however, applying for credit does. This happens when you apply for a credit product with a lender and they access your credit report before making their decision, this leaves a “hard enquiry” on your report.
2 When you get married, your score/report is attached to your partners
This isn’t true. The only time someone else's credit history will affect yours is when you have had a joint account with someone. If you have had a joint account with someone who has bad credit, it would be a good idea to close that account.
3 All debt is equal
Another myth. Having debt due to a mortgage or a student loan is completely different to having a lot of debt due to credit cards and loans. This also means that the amount of debt you have doesn’t mean your score will be lower. A £300,000 mortgage is good debt but a £30,000 loan is bad debt.
4 Your income/job affects your credit score
If you have a higher paying job, it doesn’t mean that your credit score will be higher than someone with a lower paying job however, your income is obviously a factor in how much credit you will be offered.
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Editorial Disclaimer: This article was updated 18.10.2021
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