Credit Score

8 Credit Score Myths Debunked

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I have received thousands of questions and comments about credit scores in my 20+ years of working in the credit scoring business—and I realize there are a lot of misconceptions about credit scores and lending practices.  Here are several common credit score myths that I see repeatedly surface.

Myth #1: Every inquiry for credit costs 5 points.


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Fact:

There is no fixed set number of points that an inquiry will cost.  Generally speaking, inquires have a relatively minor contribution to the overall score.

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