If you want to buy a car but have a low credit score, you are more likely to get a loan with a low interest rate
True
False
“I need a credit score to get a house (loan)”
Myth
Fact
“The more credit cards I have, the higher my credit score will be.”
Fact
Myth (sort of)
Lenders use credit scores to determine whether to grant credit and at what rate.
True
False
“If I make a late bill payment, it’ll be stuck on my credit report for 7 years.”
Fact
Myth
“I can’t get my first credit card until I’m 21, the official age of responsibility.”
Myth
Fact
“I can close an old account to boost my credit score”
Myth
Fact
Your credit history is little to none, which makes it difficult to obtain credit moving forward.
Bad Credit
Thin File
Applying for multiple credit cards in a short amount of time so you can manage multiple lines of credit at the same time is a good way to improve your credit score
False
True
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