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Myth: You Shouldn't Check Your Credit Score
This is called a "soft inquiry," and checking your own credit score does not lower it! Hard inquiries, such as when a lender or credit card issuer pulls your information in response to a credit request, can lower your score; however, monitoring your own information will not. In point of fact, checking your credit score is an essential method for maintaining control of your credit, and rectifying any errors will improve your score. You'll also be able to keep an eye on it and protect yourself from fraud.
Myth: Co-signing a Loan Has No Risks
Co-signing a loan can be a good way to help a friend or family member with poor credit get a loan or get a better interest rate, but it will hurt your credit score. Your credit score could be harmed if the primary borrower defaults on the loan or misses a payment because you are responsible for the entire amount.
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| ASAP Credit Repair Albuquerque |
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