A good credit score is a vital piece of your overall financial health, but there are many misconceptions about what can hurt your score. Let’s clear some up now.
Myth #1: Checking your credit score lowers it
Regularly monitoring your credit is an important part of maintaining a healthy score. Requesting a report from credit bureaus is considered a “soft pull,” and it does not affect your credit score. Only “hard pulls,” such as those required when applying for credit, temporarily impact your score.
Myth #2: Getting married merges your credit score with your spouse’s
Your credit report stays unique to you even when you get married. When you apply for new credit with your spouse, both of your credit scores will be considered. After opening a joint loan, actions by either of you will reflect on both of your credit reports.
Myth #3: Closing a credit card improves your credit score
Closing a credit card does not improve your credit score. In fact, closing a card will likely temporarily lower it. If there’s no annual charge and the interest rate is low, consider keeping the card open.
There you have it! You can monitor your credit score regularly, marry without merging scores and keep your credit cards open – all without impacting your credit score!