Top 25 Myths Of A 650 Credit Score

A 650 Credit score is a rarely understood topic, and there is a myriad of myths and misconceptions regarding it.  

It’s absolutely ok to have questions, and we shall attempt to break through a few of these myths  

An Individual Can Have No More Than One Credit Score

This is the most common myth that exists. There are different credit bureaus and credit reporting agencies, and each one is updated by creditors every month or sometimes more frequently.  

A Good Job Makes for a Good Credit Score

An individual’s income and occupation are not included as part of the credit score calculating formula. 

Bankruptcy will only stay on the credit report for a period of 6-7 years. After that, this information will be removed, allowing you to start fresh.  

Bankruptcy Leaves Your Credit Score Irrecoverable

Zero Debt Equals Perfect Credit Score

Another major misconception in people's minds regarding credit score is that becoming debt-free will suddenly lead to a perfect credit score of 800. This is not true!  

This is thought to be a quick fix for a bad credit score, but it’s not. There is a total of five determinants of credit score, one of which is the utilization ratio.  

Closing Credit Cards Will Improve Your Credit Score

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