5 Facts You Probably Didn’t Know About Your Credit Score

Credit Score

Credit score can be a confusing subject and we think everyone should know these facts. Whether you’re looking to improve your score, keep it consistent or just generally scrub up on the facts, you have come to the right place. 

  1. Having a degree has absolutely no impact on your credit score 

It’s a fact, graduating with any type of degree doesn’t have any impact on your credit score. Your credit score is based on debts and payments and has absolutely nothing to do with your education. You could be a doctor with a terrible credit rating and nobody would have a clue. 

  1. Paying your bills on time is crucial for a good credit score 

So you might have known this one but it is surprising how many people don’t. You will be penalised for paying your bills late, even if it is a small bill, it’s crucial to pay it on time. Standing orders can be organised with your bank, these are useful if you often forget to pay bills as the payment will automatically come out of your account on the same date every month. If you are struggling to make ends meet and living paycheck to paycheck, there are emergency options like a same day loan.

  1. Making requests for new credit can negatively affect your credit score

It isn’t always the wisest idea to apply for mortgages, loans and any kind of credit regularly as this could definitely affect your credit score. It will most likely make your credit rating go down if you are applying too often, if you need to occasionally apply for a loan or you have been waiting months to apply for a mortgage then this is another story. Just make sure it isn’t something you are doing regularly. It is also worth bearing in mind that closing credit card accounts can also impact your score, so when you see banks offering to pay you a certain amount to bank with them and create a new credit card account, don’t be fooled. 

  1. Credit score didn’t exist until the 1950s! 

We bet you didn’t know credit scores didn’t exist until the 1950s. Before it came about, you would need to book an appointment with a banker and sit down to discuss your financial options before getting a loan. A much more subjective process than we have in banks now, the bankers were able to judge you more and decide if they liked you. 

  1. Employees can’t find out your credit score

For anyone worried about nosy employees, they can’t access your credit scores and they definitely shouldn’t be looking! If you have heard they can do this it is a myth and the only way they can see it is if they request permission from you. This would be a different score from the one you personally access, it would be a score used specifically for employment screening. 

These are the top 5 facts we think you should definitely know when it comes to your credit scores, they can help with improving your score and help you get back on track financially if you need it. 


IITSWEB is the Chief Business Development Officer at IITSWEB, a Magento design and development company headquartered in Redwood City, California. He is a Member of the Magento Association and an Adobe Sales Accredited Magento Commerce professional. Jan is responsible for developing and leading the sales and digital marketing strategies of the company. He is passionate about ecommerce and Magento in particular — throughout the years his articles have been featured on Retail Dive, Hacker Noon, Chief Marketer, Mobile Marketer, TMCnet, and many others.

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