Credit Score Myths

[jeffrey]

Your credit score, or FICO score, is arguably one of the most important pieces of information in your financial life. Lenders, landlords, insurers and even employers scrutinize this rating – which sums up all of the information in your credit report with three digits ranging from 300 to 850.

For all of its importance, though, the credit score is also one of the most misunderstood aspects of personal finance, said Jeff Davis, a vice president with Credit Counseling Network in Fort Worth, Tex. "There was a time when people weren't aware of their credit score," he explained. "Now they're sometimes overly concerned."

No doubt, it makes sense to check your credit score and do everything in your power to improve it. But first, you'll want to make sure you're not falling for some of these common credit score myths... [read more at money.cnn.com]

For more information on how to raise your credit score and how it is determined, read the SavingAdvice.com article Increase Your Credit Score