SOURCE: Equipment Vine

September 29, 2015 16:49 ET

Consumers Continue to Carry Misconceptions About Credit Scores

HAWTHORNE, NJ--(Marketwired - Sep 29, 2015) - In a recent survey by Bankrate.com, it is estimated that a whopping 51% believe that carrying credit accounts with high balances will improve a credit score if those accounts are paid on time. The majority could not be more wrong. High balances count against your credit card utilization ratio (credit card balances over credit card limits) and can negatively impact your credit score.

This was just one of the many misconceptions that the survey had rooted out. Only 1 in 4 consumers knew that closing old, unused accounts would hurt their credit score. Do you have to carry a credit card balance to improve your credit score? The 37% of consumers who said, "yes" were wrong.

These results come as no surprise to Co-Owner of Equipment Vine, Jim Francesco. "Credit Score companies keep the variables they use to calculate your credit score very close to the chest. Many consumers are unaware of what does and what doesn't affect their credit score, or how their credit score is affected."

Equipment Vine was conceived to help business owners who were not aware that shopping around for the best loan rates and terms was lowering their credit score. When a consumer submits a credit application, the company runs a hard inquiry. Numerous hard inquiries in a short time period will bring down your credit score. Francesco developed a marketplace that uses one credit inquiry for the many different lenders available to prevent a consumer's score from being impacted.

About Equipment Vine
Equipment Vine was set up to service the needs of the consumer and the interest of the lender. Small business owners can use Equipmentvine.com to navigate through the numerous lending options and find a loan that best suits their needs while keeping their credit score protected.

For more information, please visit equipmentvine.com

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