{"id":11563,"date":"2022-10-28T11:04:40","date_gmt":"2022-10-28T03:04:40","guid":{"rendered":"http:\/\/www.imoney.my\/articles\/?p=11563"},"modified":"2022-10-28T11:18:18","modified_gmt":"2022-10-28T03:18:18","slug":"10-common-credit-score-myths-to-bust","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/10-common-credit-score-myths-to-bust","title":{"rendered":"10 Common Credit Score Myths To Bust"},"content":{"rendered":"
There are a lot of myths and misconceptions when it comes to understanding how our personal credit score\u00a0works. Is the score determined by Bank Negara Malaysia\u2019s Central Credit Reference Information System (CCRIS)?<\/p>\n
A credit score is a single score that represents\u00a0how good your credit health is.\u00a0\u00a0It is the most reliable way for you to tell you how good your financial standing is, and it also gives you an indication of whether a bank will approve your applications for loans or cards.<\/p>\n
There are many things that you may think affects your score that actually doesn’t. Here are some of the most common credit score myths:<\/p>\n
\ncredit score. Your credit score depends on \nvarious factors, such as payment history, \ncredit mix and loan balance, length of \ncredit history, new credit applications and \nlegal track record.<\/center><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n Age is not a consideration when you take a look at the breakdown of credit scoring. You may think that the younger you are, your credit score will be lower. In reality, it is not your age that matters, it is how well you manage your credits.<\/p>\n For example, using a credit card and paying the bill in full every month can help you establish a healthy credit score even\u00a0if you are young.<\/p>\n <\/span>2. My spouse\u2019s credit score affects mine<\/b><\/span><\/h2>\n\n\nassessment, not as a couple.<\/center><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n If your partner had financial difficulties in the past, don\u2019t let them stop you from marrying him or her! Your personal credit score will not be affected by your spouse’s bad credit.<\/p>\n However, when filling for joint credit, such as getting a joint home loan, your joint score may be lower than your personal score and affect your ability to secure the loan.<\/p>\n <\/span>3. Avoiding debt altogether keeps my credit score healthy<\/b><\/span><\/h2>\n\n |
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