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From LaToya Irby, your Guide to Credit / Debt Management
There are a lot of misconceptions about what does and does not affect credit scores. For example, a recent survey revealed that many people incorrectly believe age and marital status affect credit scores.
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What's Not in Your Credit Score
You might be relieved to know that many financial factors have no bearing on your credit score. Your income, for example, doesn't directly affect your credit score.
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Why Might Your Credit Score Drop?
Credit scores can fluctuate from week to week, even day to day. Small changes may not be much to worry about. A sudden drop in your credit score, however, may be a cause for concern, especially if you've been paying on time and haven't run up any big balances.
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Will Closing a Credit Card Help or Hurt?
People often think they can improve their credit scores by closing off a few credit cards, e.g. those with big balances or that aren't being used. If only it were that simple.
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