These common misconceptions can prevent you from achieving that perfect credit score

PUBLISHED MON, JAN 23 20231:22 PM ESTUPDATED MON, JAN 23 20231:39 PM ESTJessica Dickler@JDICKLER

Randy had an 850 credit score. According to FICO, the most popular scoring model, that’s as good as it gets.

Still, a line on his credit report said he could lower his utilization rate, so he promptly paid off the remainder of his car loan with one $6,000 payment, and then his score sank 30 points. (Randy has been a target of identity theft and asked to omit his last name for privacy concerns.)

Most people assume that wiping out those auto payments couldn’t hurt, but that’s a mistake. When it comes to credit scores, there are a few things many borrowers often get wrong, experts say. Here are the top misconceptions and why it’s so hard to set the record straight…..Read More>>>https://www.cnbc.com/2023/01/23/common-misconceptions-about-achieving-a-perfect-credit-score.html

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