5 credit score myths busted
Checking my credit file will hurt my credit score
No, there won’t be any impact on your score if you simply check your credit rating or request your credit report from one of the credit reference agencies. However, when you apply for a loan or credit card, then the lender will perform a hard credit check on you, which will show up on your credit file.
My partner’s credit score affects my own
This will only be the case in situations where you share a joint account or have taken out a joint loan. Generally speaking, the credit scores of your spouse or other family members have no impact on your own credit score.
You only have one single credit score
Surprisingly enough, this is not the case. There’s actually no such thing as a universal credit score. Every credit reference agency has its own scoring system, so you potentially have as many credit scores as there are credit agencies.
You can only have a “good” or “bad” credit score
While credit scores are generally described as either good or bad, this is slightly misleading and suggests that credit scores are evaluated on a binary basis that means you’ll either be approved for credit or rejected. Major credit reference agencies actually use a more sophisticated five-point rating scale which generally range from “very poor” to “excellent”.
Your personal details can affect your credit score
Despite some of them being listed on your credit file, things like your job, income, age and gender have no direct impact on your credit score. However, while your credit score will never be reduced because of your job or age, it’s important that these details are present and correct on your credit file as they will be checked by lenders when you apply for a loan or credit.
