Fact or Fiction: Credit Score

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Fact or Fiction: Credit Score

Belief: The more money I make, the higher my credit score will be

Response: Fiction

Your credit score really doesn’t have anything to do with how much money you make. One of the measurements that influence your score is the amount of debt that you have, but your income has no direct impact on your score. If you make a minimum wage, but you make loan payments as agreed, you can have a credit score that equals or exceeds maximum wage earners who may or may not manage their finances as well as you

Scott Arney
Chief Executive Officer
Chicago Patrolmen’s Federal Credit Union

Don’t forget, members of the Credit Union enjoy free and confidential Credit Counseling and Financial Planning through our Financial Planning and Education Center. We are here to assist you every step of the way.

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