It isn't a surprise that everyone is worried about their credit right now, given that home loan rates are still higher than they have been in the last nine months and the economy is struggling. The lenders out there are making sure they look over credit histories with more scrutiny than ever, but there are far too many people out there who still think that their poor payment record, with previous late payments and who are still paying late, won't affect their finances and their credit score.

The delinquencies on mortgage loans are only getting worse, it seems, and so it helps to know what exactly that will it do to your credit before you take a mortgage out. It is critical to understand what exactly will happen in regards to your credit, and unfortunately, there are quite a few myths out there that might even be stopping you from actually helping you from managing your credit.

Myth Number One: If you check your credit, you think your score will drop.
The truth is that this is hardly the case. When you ask to actually check on your credit, such as looking at your scores and history, the financial world considers it a "soft inquiry," so you cannot be negatively impacted by wanting to know where you stand. Never let someone tell you that you cannot find out about your own credit score without it harming you.

Myth Number Two: If you look at just one of those three credit reports just occasionally, regardless of which one you monitor, you will know everything necessary about your credit standing.

Just like trying to listen to a radio broadcast every few minutes or so but not consistently, you cannot really monitor your credit on the occasional level. You will not get a real idea of the big picture of your credit standing. Check those scores and make sure you look at them during the year because the information will easily vary. Also, be sure that you look at all of those credit reports, not just one or two.

Myth Number Three: Lenders will only look at one particular score that every lender will use when looking at the worthiness of my credit.
Absolutely not. Easily, lenders use over hundreds of different models in order to score you, so there is no particular way that you can easily find out if one number will determine your worthiness.

Myth Number Four: By closing some of your old credit cards, you can actually help make your credit report look neater.
While some may tell you that if you close up some of those older accounts, you will manage your credit, but actually, this makes your credit history look much shorter than it actually is, and that will easily have a negative effect on your credit.

Myth Number Five: By paying off your delinquent balances or payments, you get them removed off of your report.
Actually, the negative information that you have on your credit report relating to collections or late payments will stay on your credit report for quite some time, as long as seven years. Just because you pay it doesn't mean it will come off, but at least it will show that you have actually paid it.

Myth Number Six: You have a medical bill you believe to be incorrect, so when you don't pay it on time, you aren't accountable.
Unfortunately, if you have an issue with a medical bill, you need to contact the provider as soon as you can to discuss the issue, whether it was incorrectly sent to you or it is incorrect. They are still allowed to report your payment as late to an actual credit bureau, so it is up to you to take care of it.

Myth Number Seven: Different "credit bureaus" will report you with bad or good credit.
It isn't considered reporting you with good or bad credit, but credit companies simply report the information that they have, so those details are going to be relayed to the proper parties.