Ileana Garcia looks in her wallet for credit cards she wants to melt over a hot plate as she tries to dig herself out of credit card debt during a sermon by Kevin Cross about faith-based financial management at the Miami Vineyard Community Church on March 7, 2009 in Kendall, Florida.
Looking to improve your credit score?
Then you may be tempted to settle some debts, close a credit card or two, and earn a bit more money. Unfortunately, all of those are myths, when it comes to that mysterious credit score.
We all want as high a number as possible at Equifax, Experien and Transunion. But how do you get a 550 or 675 credit score closer to a perfect 800?
Bankrate.com says many people believe in the wrong fixes.
Bankrate's top credit score myths include:
Doesn't That Stink?
And from the "doesn't that stink" file, perhaps the biggest credit score myth of all:
Missing a credit card, mortgage, or car loan payment won't hurt it too much. Not true. Actually, it will hurt your score, as much as 50 points or more. Doesn't that stink?
Simplest way to a good score? Never miss an installment payment.
Finally, Bankrate reminds you that there are no quick fixes to a low credit score. It takes time, and diligence, to rebuild your score if it takes a hit.
And that way you don't waste your money. .
Don't Waste Your Money is a registered trademark of the EW Scripps Co.
"Like" John Matarese on Facebook
Follow John on Twitter (@DWYM)