Research How Can I Improve My Credit Score

RESEARCH: How Can I Improve My Credit Score? Let’s be myth busters! There are a lot of rumors floating around about what you need to do in order to boost your credit score. For each statement below, write whether it’s FACT or MYTH, copy/paste the link to the website where you found your answer, and explain why in your own words. 1. You should check your credit report from each of the three main credit bureaus at least once per year by requesting copies from AnnualCreditReport.com. ฀ FACT Link Explain it ฀ MYTH FACT (Link is embedded in text) If you have the option to do so for free it’s good to check your score to make sure you’re spending responsibly. 2. As long as you do not have any debt, you will have a high credit score. ฀ FACT Link ฀ MYTH MYTH Explain If you had debt in the past you can have a low credit score, if at any point you it were irresponsible with money, your score will be low. 3. The only way to improve your credit score is to pay off your entire balance every month. ฀ FACT Link ฀ MYTH MYTH Explain Paying off your balance every month is not the only way to improve your credit it score, though it can help a lot. 4. If you pay off your entire credit card balance in full every month, you will hurt your score. You must carry some balance from month to month. ฀ FACT ฀ MYTH Link Explain it MYTH No, you should do your best to pay off your entire balance every mon th and it will do the opposite of hurt your score. 5. You can eliminate negative parts of your credit score by closing accounts that are overdue. ฀ FACT Link ฀ MYTH MYTH Closing an account won’t eliminate the delinquency reporting. If you close an Explain account with a past due balance, your payment will still be reported as it delinquent until you catch up on the payment. 6. It’s possible to have a high credit score even if you don’t earn much income. ฀ FACT Link ฀ MYTH FACT Explain As long as you are responsible with your credit and money you can earn a high it credit score. 7. Using your debit card responsibly will increase your credit score slightly, but less than using a credit card will. ฀ FACT Link ฀ MYTH MYTH Explain Debit cards do not help with credit because they don’t affect your credit at all. it