Credit scores play a crucial role in the financial lives of Americans, yet many people remain unaware of how they truly function. This article aims to dispel five prevalent misconceptions surrounding credit scores. First, it clarifies that marriage does not directly affect an individual's credit score; however, a spouse's score can influence joint applications like mortgages. Second, credit cards can be beneficial if used responsibly, contrary to the belief that they are inherently detrimental. Carrying a balance is also a myth; paying off credit cards in full each month is the best practice. Additionally, checking your own credit score does not lower it, as this is classified as a soft inquiry. Lastly, individuals have multiple credit scores, not just one, due to varying scoring models from different bureaus. By understanding these truths, readers can take proactive steps to improve their credit scores and enhance their financial opportunities.
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