Credit Score Myth: If earning is high, will the credit score be higher?

Credit score is very important in the financial world! This credit score plays an important role in taking loans or taking loans. Credit score is a three -digit number that represents your credit eligibility.

Credit qualification is low if there is a credit score. If the credit score is high at the same time, the credit eligibility is high. Before the banks lend to anyone, they assess a person’s credit by credit score.

If the credit score seems more, banks understand that the person is financially firm. Hence there is a chance to lend. When someone has a low credit score, it means that the person is not financially strong so that the person does not get a bank loan. However, this credit score usually has some misunderstandings. Find them here ..

Credit Score- These are only myths.

If the credit score is often checked, the score falls: Most people are of the opinion that if you investigate frequently, your credit score will fall. It is against this background that you need to know soft and hard inquiry. Soft inquiries are done when you check your score. When you apply for a loan, there is a difficult inquiry.

Do not lose credit score when checking your credit score. However, when you are applying for a loan you will be temporarily affected by your score.

Ii. If the loan is taken, the credit score falls : Another wrong opinion is that obtaining loan is bad for credit score.

Iii. Credit score damage with credit card: Taking a credit card can help in creating a credit profile. Therefore, it does not harm the credit score because some believe.

Iv.Most credit cards are bad for credit scores: When you have a large number of credit cards, you have a high credit limit. This is good for your credit score! Not negative.

Vi.Closing the old credit card will improve your credit score: This is also not true. In fact, closing old accounts may reduce your credit score.

Vii.High income- high credit scores: Your income does not have a direct impact on your credit score. Calculate your score based on your salary instead of your credit if CR, if CR, if CR, if CR, if the high mark. Therefore, it is not important to clean the bills in a timely manner, use credit responsibly and manage the loan effectively.