Last week, we revealed the top two myths that are associated with building your credit and improving your score. Now, we’ve debunked two additional myths, as they can do more harm than good when trying to rebuild and maintain good credit.
A credit score of 720 or more is considered prime—this means you’re in good shape. Scores under 550 mean you could be turned down for a loan. Scores in the good-not-great range (550 to 720) might get you loan approval, but your interest rates will be higher than if you had a prime credit score. Nobody likes the idea of paying more money for no reason, so it makes sense to adopt credit habits that will boost your overall score.