Myth: Checking your credit will lower your credit scores
FACT: Checking your credit via credit monitoring sites like Credit Karma, Credit Sesame, etc… will not lower your credit scores. Credit monitoring sites pull your credit information via a soft inquiry which does not impact your credit scores. Applying for credit (mortgage, auto loan, credit card, etc…) causes a hard inquiry which does impact your scores.

Myth: You need to have high income to have high credit scores
FACT: Income does not play any role in determining your credit Scores.

Myth: A credit score is the same thing as a FICO score
FACT: Credit score is a general term for a number which is meant to show your creditworthiness but, credit scores are not all the same. There are dozens of different credit scoring models which offer a snapshot of your creditworthiness like VantageScores, TransRisk Scores, Plus Scores, etc… but, 90% of lending decisions are based on your FICO credit scores.
Note: Learn more about different types of credit scores.

Myth: My credit score isn’t important
FACT: Your credit scores determine your ability to qualify for a mortgage, auto loan, credit cards, student loans, and just about any other financial instrument. They also help to determine loans terms like your interest rate and down payment. People with higher credit scores end up paying a lot less than those with lower scores.

Save money with good credit

Myth: A low score will stay low forever
FACT: Credit Scores are not static, they are dynamic and change over time as the information in your credit reports changes. Good credit habits like paying your bills on time, keeping your credit utilization low, and limiting your inquiries will have a positive impact on your credit scores and increase them over time. Working on removing the derogatory information reporting in your credit file will also help increase your credit scores.