Marvin Nathaniel Smith JR is a credit coach who has a lot of credit knowledge. He carries out credit analysis effectively to help people gain knowledge about their finances.
Moreover, he runs his firm, DKR Group Funding, where he allows users to get a free consultation for analyzing their credit scores. Marvin has pointed out some myths that people have about a credit score.
Annual Income Impacts Credit Score
Annual income doesn’t impact credit score as income is not associated with a person’s credit report. Marvin Nathaniel Smith JR says there is no correlation between annual income and a credit score.
Repetitive Check of Credit Score Hurts its Value
The credit coach says it is a big myth that checking credit score many times impacts its value. He says it is not true.
Closing Old Credit Cards Boosts the Credit Score
The reverse is true, which means closing old credit cards decreases the credit score. It is so because it increases the credit utilization ratio.
No Impact on Credit Score on Applying for New Credit Cards
Applying for a new credit card is a hard inquiry and a potential lender analyzes the credit report to check creditworthiness.
A Person has Only One Credit Score
This is false as different credit bureaus can offer different scoring models. Hence, a person can have different credit scores.
A Bad Credit Score is Not Possible to Improve
Marvin Nathaniel Smith JR says a credit score reflects the past financial status of a person. So, a person can improve it by building a good credit history.
Marital Status Merges the Credit Scores
The credit coach says it is not true at all. Marriage doesn’t merge the credit scores and an individual always has a unique credit score as per his financial behavior.