Myths of the Credit Score Gone in 60 Seconds

My take home points:

1. Myth: No car, no house no worry: your credit standing can impact employment, insurance and lending decisions – don’t fight it, accept it. – 20% of all employers look at it now.
2. Myth: Closing cards helps you. Sadly, this hurts your score as it lowers the credit available to you.
3. Myth: You have to keep a balance to build your score. Ugh. No. Not true.
4. Myth: Checking credit scores hurts. Nope, as long as you are getting it from a non-lender your score is unaffected.
5. Myth: Online loan shopping hurts. Truth is all inquiries in a 30 day window for home loans are treated as 1 inquiry.

[via Consumerist]