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Web Extra: Top Credit Score Myths

When it comes to our credit scores, there’s a lot of misinformation out there. John Ulzheimer is featured in Monday’s Web Extra debunking the top myths surrounding your FICO.

1. All three of your credit scores are the same.

2. You can’t improve a poor score until poor information comes off your credit reports.

3. Closing a credit card account is the best way to improve your score.

Watch the video to hear Ulzheimer explain why these myths have no basis in fact.

In an interview to air on Monday's show, Fair Isaac CEO Dr. Mark Greene (the keeper of your credit score, as Carmen put it), revealed his personal tips for how to make sure your credit score stays pristine even when the economy is anything but. That includes paying all bills on time, not pushing the limits on your cards and spreading around the types of debt you take on. He also revealed just what, exactly, the credit bureaus take into account when calculating your scores. See a chart of that below:

OTM_PIE_FICO.jpg



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