The most common credit score myths, debunked

Debunking seven common credit score myths

Credit scores can seem like a bit of a mystery at first, with lots of myths and rumours flying around about what they actually are and how you can improve yours. It’s easy to feel frightened by what you hear, but with a bit of advice and a few helpful tips, you’ll soon go from feeling credit confused to credit confident. 

Here we’ll debunk seven common credit score myths, and for more tips, check out the Boshhh Mobile app (available for iOS and Android). 

Your income affects your credit score

This is a common misconception, and one that is absolutely, 100% false. When lenders run credit checks, they can’t tell how much you earn or what activity happens within your main bank account. You could be the richest person in the world but still have a terrible credit history, or earn minimum wage but be great at paying your debts off. That’s all lenders care about.

Your relationship can impact your credit score

While you might share your bed, your social circle and your TV schedule with your partner, you don’t share your credit history. Credit scores are entirely individual, unless you apply for credit together.

This could include applying for a joint bank account or a mortgage, in which case reports will be run on both of you to check that, as a couple, you can be trusted to pay back what you borrow. If you’ve applied for joint credit in the past but are no longer with that person, you can request that a credit agency unlink your credit histories. 

You can be put on a credit blacklist

There’s no such thing as a credit blacklist. You can have a terrible history of borrowing, but this won’t result in you being blocked from future credit. Instead, you might just find it harder to be accepted for offers, and if you are, you could find your credit limit is lowered or your interest rate is raised. 

Your housemates can impact your credit score

Just like it is if you’re in a relationship, the people you live with won’t affect your credit unless you apply for credit together. Credit scores are totally individual, so unless you apply for a joint mortgage, loan or bank account, your histories will remain separate. 

Checking your credit score affects your credit score

Credit reports are based on ‘hard hits’ and ‘soft hits’. A hard hit is when you directly apply for credit, but a soft hit is when you do something like compare offers or check your credit score. Soft hits are only visible to you and not to lenders, meaning you can check your credit score as often as you like on the Boshhh Mobile app without it impacting anything at all.

There is only one credit score

Your credit score will look different depending on which credit agency you use to check it. That’s because each agency uses a slightly different metric to check it against. However, when you apply for credit your lender won’t use any of these scores.

Instead, they’ll calculate an overall score based on all your credit report history, your application details and any previous transactions you have made with them. The credit score you’ll see on the Boshhh Mobile app will be a good indicator of the kind of score lenders will see, but it won’t be exactly the same. 

Your credit score will be impacted by people who’ve lived in your home before you

If you live in rented accommodation, you might think that previous tenants’ credit history could affect yours. But it won’t! Even though they’re paying the same landlord, this isn’t a kind of credit, and their payments aren’t linked to yours.

While you might get letters addressed to them about their credit, this is just because they’ve forgotten to update their address. Just write on the envelope that they no longer live here, pop it back in the post and move on with your day. 

get free tips and advice on our app

The Boshhh Mobile app lets you check your credit score and get free advice on how to improve it, all without having to apply for a SIM. If you do apply for a SIM, that’s one way you can make your credit score better. Every time you make an on-time payment with us it goes towards a healthy credit report, meaning you can chat with your friends and enjoy endless reels of funny animals, all while contributing to a better financial future.