Knowing about your credit improves the odds that you'll have good credit. There are a lot of myths out there, and while some will do no worse than wasting your time, others can do real damage to your credit -- resulting in higher interest expenses over your lifetime.
Credit expert John Ulzheimer recently debunked 6 credit myths that you may find interesting. They might seem like trivia (like the fact that FICO does not calculate your FICO score), but they're important. Learning a few facts about credit will help you understand how the system works. Add these facts to what you already know (or remedy any misconceptions), and you'll be better equipped to manage your credit.
Further reading:
- How Credit Scores Work
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