Most of us try to keep tabs on our credit score. Seems we’re always talking about credit, I guess because our credit scores affect practically everything we do from getting a low interest rate when we buy a home, to finding insurance or getting a job. There are a few things however, that you might think would alter your score, but they don’t. For instance, checking your own credit will not modify your score in any way. Take a look at the video below for 5 other circumstances that will not ding your credit.
Video: News About Credit, It’s Not all Bad – 5 Things That Won’t Ding your Credit
For your convenience we have provided a transcript directly below this video.
Video Transcript: News About Credit, It’s Not all Bad – 5 Things That Won’t Ding your Credit
Welcome to Today’s Home Update, I’m Meredith.
These days were all trying to improve, as well as avoid damaging our credit. Did you know however, that some things don’t matter either way? From credit.com advisor Christine DeGangi here are 5 situations that will not impact your credit score.
First, while you can only build credit by using a credit card, using a debit instead of credit once in awhile will not adversely affect your credit score.
Second, while a pay cut or job loss may negatively affect your standard of living, your income is not part of your credit report and your score won’t suffer as long as you continue to pay your bills.
Third, applying for credit results in a credit inquiry which can lead to a slight drop in scores. But whether you’re approved or denied has no bearing on your credit score.
Fourth, a brief hiatus from using your credit cards won’t ding your scores. It can actually help if you significantly improve your debt to credit ratio.
And Fifth, while a spouses low credit score can hurt your chances of getting joint credit in the future, the simple act of getting married will not harm the credit score you’ve eared.
Thanks for watching Today’s Home Update, see you next time.
Ever wonder what Closing Costs you’ll be responsible for when you buy or sell a home? Check out our infographic and article:
Who Pays for What?
— — —
What is standard and legal procedure in a Real Estate transaction?
Offers and Agreements 101
Additional Helpful Information for Home Buyers
— — — — — — — —
Help for Home Sellers
Order a Market Analysis Online
