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Spero Financial's Branch Manager Jarred Kelly had the opportunity to join WSPA's Diane Lee to discuss top credit score myths. Here's an excerpt from the article, along with the segment aired on WSPA titled Credit Score Myths: The top 6 misconceptions.
(WSPA) – Do you know your credit score? It can sure make a difference when you need to borrow money, but many people are clueless about what really impacts that all-important 3-digit number. 7NEWS Here to Help is setting the record straight and debunking the top credit score myths.
Keep in mind, it’s not simply qualifying for a home or car loan that makes a credit score so important. That number impacts insurance rates, utility deposits and even your ability to rent an apartment...
MYTH #4: Don't take that "higher credit card limit" offer...
There’s a key concept that accounts for 30% of your score: credit utilization.
Jarred Kelly, with Spero Financial Credit Union, said it has to do with credit card limits. He said if you get offered a higher credit card limit, accepting that offer can help boost your credit score, as long as it doesn’t lead you to consistently spend more.
Continue reading on wspa.com.
