Category: Brandpoint Business & Finance

2019-12-20T08:01:00

(BPT) – While the holiday season is a wonderful time of year, it can also put great financial strain on individuals going into the new year. The demand of holiday spending can lead to worry of unpaid credit card bills, which can lead many to put themselves on a strict “money diet.” As you reflect on the past year and the goals you want to set for yourself, you may want to put financial wellness at the top of your list of resolutions.

But financial wellness is not just about achieving a specific dollar amount in terms of savings, advises Amanda Clayman, financial therapist and Prudential’s financial wellness advocate. Instead, Clayman recommends establishing overall healthy money habits when it comes to your finances in 2020. It’s about being both practical and less reactive when it comes to decisions around money.

Here are some tips for how you can improve your financial wellness heading into the new year.

1. Set up monthly “money dates”

“One of the smartest things we can do for our bottom line is simply reviewing our finances,” says Clayman. “Dedicate time each week or month (whatever you can do, just keep it consistent) to tackling your money management. These intentional ‘money dates’ with yourself and/or your family or partner could help you save money throughout the year.”

During your money date, review where you are in terms of your budget process, debt you are trying to reduce and your savings plan. Have unexpected expenses come up recently? Focus on how you can handle those, and better prepare yourself to cope with similar expenses in the future.

2. Be in a good headspace

Clayman acknowledges that most people find dealing with money stressful, which can cause them to avoid examining these issues or discussing them with spouses or family members.

“It’s perfectly normal to feel anxious about money from time to time,” Clayman says. “When this happens, take a break and come back to the task when you can think with a clear, productive mindset.”

Dealing with difficult money issues when you’re feeling emotionally stressed can lead to less rational decisions. Instead, review the issue when you’re more likely to be able to step back and see the big picture without overreacting.

3. Practice “Unsubscribe Sundays”

Clayman recommends that you take a few minutes every week to unsubscribe from the many promotional emails that clutter up your inbox. These might tempt you to shop impulsively when you don’t want or need to spend the money.

After the holidays is a great time to tackle this, as your online purchases may have gotten your name on a few too many email lists.

4. Get a money buddy

It can be helpful and encouraging to share your goals for the future and compare notes with someone who cares about you — and who may have experienced some of the same struggles along the way.

“This not only keeps us more accountable, but we’re able to make it fun and create a stimulating discussion,” advises Clayman. “Involve your partner, friends and family in your financial wellness journey.”

5. Keep your resolutions positive, not punishing

In an effort to achieve your financial wellness goals, focus on the positive rather than the negative. Clayman notes: “As opposed to saying you want to cut spending, think instead of what you want to put that saved money toward, and attach a specific number to it. This process will help you keep track of progress and ultimately reward you for getting there.”

This New Year’s, make money resolutions you can stick to, not just for your bottom line, but for your overall well-being and peace of mind. “Remember that the path to financial wellness is very personal and in no way linear,” says Clayman. “There’s no better time to begin the journey to a healthier money mindset than today.”

For information, advice and tools for investing in your financial wellness and establishing healthy financial habits, visit Prudential Financial.

2019-12-20T07:01:00

(BPT) – The demand for highly skilled employees continues to rise across various industries, spurring many of today’s top companies to seek creative new ways to encourage and develop the best talent. One obstacle to that mission is the rising cost of higher education. To combat that, some businesses hope to foster tomorrow’s employees by supporting today’s students — in very concrete, targeted ways.

Industry leaders with an eye toward inspiring and attracting future talent are providing scholarships in specific fields to help students pursue higher education, such as Syngenta’s “Accelerating a Generation” scholarships for undergraduate and graduate students in the agricultural field. Funding scholarships for students today becomes a very real investment in the future of the business, and the industry as a whole.

And ambitious students are eager to take advantage of these opportunities. One such example is Mitch Roth, who earned a national Syngenta scholarship in 2015 while pursuing a doctorate in genetics at Michigan State University. The scholarship support allowed him to focus more fully on his research, which has led him to a position as a postdoctoral research associate in plant pathology at the University of Wisconsin-Madison. Roth’s research on the role of genetics in disease resistance in soybeans could one day have a tangible effect on improving soybean crops. The contributions of students like Roth will have a substantial impact on both farmers and on agribusiness in the future.

Students with higher degrees in these types of specialized fields are in demand across several trades. Companies like Syngenta benefit from supporting highly educated and well-trained talent, so they are prioritizing their efforts to ensure that more students today receive the educations that will propel them to the top of their fields. Since 2015, the company has awarded a total of $20,000 in scholarships each year. So far, scholarship recipients have pursued degrees at colleges in 18 states.

For 2020, the Syngenta scholarships have been renamed “Accelerating a Generation,” emphasizing the focus on helping ambitious, innovative students find success and bring positive change to the agricultural industry. The scholarship awards eight $1,000 regional scholarships and two $6,000 national scholarships to help support each student’s education. One of the national awards is given to a student pursuing a bachelor’s degree, and the other for a student working toward a master’s degree in crop-related disciplines. The national award winners are chosen from the pool of regional scholarship winners.

The 2019 national winner at the master’s level is Nick Lord from Virginia Tech, who is enrolled in the Soybean Breeding Program. His essay encouraged students from various backgrounds to find a niche in the agricultural community. At the bachelor’s level, the winner was Adrienne Blakey from Oklahoma State University, who is a plant and soil sciences major. Her essay emphasized the value of integrity as a building block for the agricultural industry’s future.

How to apply

Students interested in applying for an “Accelerating a Generation” scholarship must be a university student currently pursuing a bachelor’s or master’s degree in a crop-related discipline, and a U.S. resident enrolled in an accredited agriculture program at an eligible university as of spring 2020.

Applicants must submit an initial application at Syngenta-us.com/scholarships by Jan. 7, 2020, followed by a 2- to 5-minute-long video essay by Jan. 15. This year’s video essay question is: “How have your roots shaped the way you view the future of the agriculture industry?” Winners will be announced by late spring.

The new graduates each year bring fresh minds with different perspectives to whatever field they pursue, which often leads to more innovation tomorrow. Syngenta uses their annual scholarships to show their commitment to giving these diverse voices the support necessary to lead the agricultural industry into the future.

2019-12-18T09:01:01

(BPT) – Freelancer, passion projects, side hustles are all synonymous with the gig economy — which has grown substantially over the past decade. The economic downturn of 2008 led many employers to recruit gig/temporary workers to control costs. The explosion of rideshare services and other contract employment has increased the awareness of gig as a steady work stream.

According to MetLife’s 17th Annual U.S. Employee Benefit Trends Study, almost 30 million Americans receive primary income from gig or part-time work — nearly one-fifth of the total workforce. An additional 15 million supplement “traditional” full-time work with gig work. The study found that 85% of gig workers were interested in continuing their contract work over the next five years, instead of seeking a traditional work role.

What does it mean to go ‘gig’?

The gig economy is defined as work based on a fixed-term contract, or that’s paid per project by a company, third party or via an online marketplace. Those who use gig work to earn extra money part-time include full-time employees looking to boost their income, students, people who want to pursue a passion project, stay-at-home parents, job seekers and retirees. Others consider gig work as their full-time employment.

It may be surprising to learn gig workers are well distributed across all demographics in today’s workforce, according to the study:

• 21% Gen Z (ages 21-22)
• 34% Gen Y (ages 23-36)
• 21% Gen X (ages 37-52)
• 25% Boomers (ages 53 and up)

What makes gig work so attractive?

Gig work is appealing for many reasons, to many people. According to the MetLife study, 67% of full-time employees reported interest in gig work as opposed to their current jobs, and 49% of employees expressed the intent to leave their current employer for contract or freelance work in the next five years.

• Pursuit of the ultimate work/life blend

  Flexibility over one’s time is probably the top attraction of gigging. In the study, nearly half the respondents (49%) said that not being able to work remotely was the reason they left full-time work. Flexible schedules offer workers a compelling work/life blend of their choosing. Due to the flexibility and ease of communication provided by technology today, more jobs are becoming open to remote work and adaptable schedules — across many sectors — which may help companies retain full-time employees tempted by the gig lifestyle.

• Autonomy, fulfillment and a sense of purpose

  Gigging allows workers more choice in the work they do, and freedom to pursue a variety of projects. They can choose where they work and who they work for. Gig workers tend to see work as more than just earning a paycheck. The study found nearly half of gig workers (48%) said they work to gain a sense of fulfillment, and 47% said that a significant influence in working was to feel a sense of self-worth.

The challenges gig workers face

While there are many appealing aspects of gigging, it also presents unique challenges.

• Financial stressors

  The main stressor for all employees — gig or traditional — is finances. Gig workers may experience more financial stress than traditional full-time workers, however, since their work may be less steady than a traditional position. Gig workers need to constantly keep up with obtaining and maintaining clients, ensuring their next project (and paycheck) is lined up. They also need to pay their own self-employment taxes and Social Security, among other expenses.

• Employer benefits

  Gig workers are usually responsible for obtaining medical insurance and other benefits normally provided by employers. In fact, only 4% of gig workers reported that employers offered insurance, and only 5% said they were offered a retirement plan. People who choose to “be their own boss” must also procure their own benefits beyond health care, such as short- or long-term disability, accident insurance and more. Gig workers who want or need benefits may have to pay the full cost of coverage themselves. In the survey, 65% of gig workers said that they would be interested in a wider array of non-medical benefits that they could pay for on their own.

• Co-workers and career development

  Unlike traditional employees with daily access to networking with colleagues and continuing education through their employers, gig workers wanting to develop their careers must find and pursue those opportunities on their own.

Interested in gigging? Read “The Gig Economy: Opportunities, Challenges, and Employer Strategies” report to learn more about MetLife’s insights into the evolving gig economy.

2019-12-17T08:01:01

(BPT) – As you gear up for a new year with new goals, now is the time to ask yourself if your wheels need a refresh. And there’s no better time, as the National Highway Traffic Safety Administration recommends that tires be replaced every six years regardless of the number of miles driven. Research shows that improperly maintained tires are one of the leading causes of vehicle accidents in the U.S., particularly among teenage drivers.

So, for this resolution, there’s no gym membership required. No dietary changes. No dusting off the bookshelf or hours of self-taught YouTube classes.

Just in time for 2020, global tire brand Michelin provided key insights to kick start your shopping experience. The company shared that it starts with asking yourself a set of three brief questions before stepping into your local car or tire dealership:

1. How many? Are you looking at replacing one, two or all four tires?
2. What’s my make & model? Is this for the family crossover SUV or for the personal sports car?
3. What kind of driver am I? Arguably the most important of the three. Are you more focused on reducing noise, enhancing performance, or somewhere in between? What is important to you?

As the ’20s come roaring in, here are some considerations to help you find the right fit for your new tires in 2020:

For the performance-seekers

Fall in love with your car’s untapped potential with a performance tire throughout the whole tire life; one that delivers excellent targeted features and benefits, such as dry and wet braking with no compromise in other areas.

For the wannabe track star
Looking to take your sports car’s performance up a level in 2020? Duly noted. Be on the hunt for a performance tire that allows you to make the most out of your time on the track — wet or dry!

For drivers in wintry conditions

For those harsh climates, you want a tire that provides ultimate winter confidence — which means not just snow, but ice and below freezing conditions that cover many miles, enabling you and your loved ones to fully embrace winter even in the harshest conditions.

For that ultimate tread life

If you’re on the hunt for a tire that will get you from Point A to B time and time again, look for a tire that combines proven tread design and a reliable compound to provide durable tread life, no matter the season. The Michelin Defender is an all-season tire suitable for all types of cars with a warranty up to 90,000 miles.

For the expecting

Anticipating a new addition to the family in 2020? What’s more important than what’s covering your four wheels on baby’s first drive home? Look for a dependable tire that maintains its performance as it wears.

An important shopping tip

The industry standard is to test wet-braking performance of new tires; not used. Worn tires should deliver good wet-braking performance versus new tires, and you should have access to worn-tire test results before you buy new tires.

Once you’ve decided what makes most sense for you, head into your dealership (or visit MichelinMan.com for more information on the right fit) to make that drive into the New Year a safe and fulfilling one.

2019-12-11T12:33:54

(BPT) – Starting a small business requires a lot of hard work and commitment, with no guarantee of success. Thanks to the internet and the rise of e-commerce, small businesses today can capitalize on opportunities using tech tools that didn’t exist a couple of decades ago. This has opened up possibilities for businesses of all sizes, whether they’re home-based solo ventures or have employees and a storefront.

What are the secrets to small business success when it comes to selling online? Three entrepreneurs who won Amazon’s first-ever Small Business Spotlight Awards share their tips.

1. Always have sharply defined goals

Natasha McCrary, founder of 1818 Farms and winner of Amazon’s Woman-Owned Small Business of the Year award, says that clarifying her goals has helped her business grow.

McCrary began her Mooresville, Alabama-based business as a family project in 2012, but it evolved quickly into a booming business. Her inspiration came from a commitment to simple products that really work. After the launch of Amazon Handmade, she listed her handcrafted bath and lifestyle products in Amazon’s stores. Her business now has 12 employees, and has doubled its Amazon sales year-over-year. She says selling on Amazon Handmade provided credibility to her product line.

“If you realize that something isn’t allowing you to achieve a goal, don’t be afraid to make changes,” McCrary adds. “Think long term when building your brand and customer loyalty.”

2. Invest in high quality product photography

McCrary explains that businesses selling products online must prioritize how consumers first see the product to grow sales, so spending money on the best quality product photography you can get is worth the investment. “Quality photographs are invaluable in e-commerce and connecting to the customer,” she concludes.

3. Stick with it

“For other entrepreneurs, I’d say don’t give up! It’s a marathon, not a sprint,” observes Small Business Owner of the Year winner, nutpods owner Madeline Haydon.

Haydon’s business began to fill a personal need — wanting a dairy-free, sugar-free, creamy and delicious cup of coffee. She started making nutpods plant-based coffee creamer in her home kitchen, and soon friends and family were asking for it.

She raised capital with a Kickstarter campaign in 2013, then joined Amazon to boost sales.

“Seller Central provides an excellent suite of do-it-yourself tools to establish and grow our business leveraging Amazon’s customer-centric tools. From acquiring new customers to converting our biggest fans to subscribe and save programs, being an Amazon Seller has allowed us to stay nimble but grow big.”

4. Use social media to get the word out

Mikey Ahdoot and his co-founders, winners of the Small Business Owner Under 30 of the Year award, started Habit Nest, which creates journals to help people build better habits quickly and effectively. They use social media to boost product visibility.

“Run Facebook and Instagram ads at $5 a day, see what’s profitable, then scales those ads from there,” Ahdoot recommends.

Habit Nest began with each co-founder investing a small amount, followed by a Kickstarter campaign. They spend a lot of time personally interacting with customers, building real relationships that have led to a powerful following. Since listing products in Amazon’s stores, the company has seen 300% year-over-year growth.

5. Build your business on something you care about

What all these entrepreneurs have in common is that they began by creating a product that was meaningful to each of them. Because the award winners started with ideas that were personally significant, it drove them to keep going, and to create the best possible products they could.

Ahdoot adds that it’s crucial for success to create “a unique product you love.” That individual commitment to their product was a big part of what fueled their success, keeping the entrepreneurs motivated and helping attract interest and loyalty from investors and customers alike.

More than half of the items sold in Amazon’s online stores come from small and medium-sized businesses. And, on average, U.S.-based small and medium-sized businesses sell over 4,000 items per minute in Amazon’s stores.

Customers can support these and other small businesses selling in Amazon’s stores this holiday season by shopping for gifts from its first-ever Small Business Gift Guide.

2019-12-11T19:31:00

(BPT) – Holiday travel can be an exciting experience, but one that’s often plagued with frustration and exhaustion. What if you forget where you parked? What happens when you can’t plug in all your gear and it dies? What if you get stuck at airport security and miss your flight?

While there is no surefire trick for seamless travel, there are some things you can do to help prevent problems and eliminate stress. Consider these five smart strategies — including one great gift idea — to upgrade your travel game:

Take pictures

Your smartphone’s camera is for more than just selfies. It can be a wonderful way to document often-forgotten information so you can proactively save yourself a big headache. For example, take pics of your itinerary so if internet is down, you still have access to the information directly on your phone. Get in the habit of taking pictures of your parking spots and hotel rooms as well so that if you forget this information, you have a picture to quickly remind you.

Pack smart

Seasoned travelers tend to stick to carry-on luggage when flying to skip checking bags and therefore save time. When packing a carry-on, bring the necessities and maximize versatile clothing that can be used in more than one way. While the choice is yours, many travelers swear by the rolling method for packing clothing rather than folding to save space and prevent wrinkles. Finally, if you’re staying at a place for more than a few days, plan on using the hotel’s dry-cleaning service, which is likely still cheaper than paying for a checked bag to bring more clothing.

Maximize outlets

Today’s family travel utilizes lots of technology that needs to be plugged in or charged. When you’re stuck in an airport or hotel, there might just be one plug, which is extremely limiting. Grab a gadget that solves this dilemma: the Anker PowerPort Strip PD 2 Mini. This palm-sized portable power strip has two AC outlets, two USB-A charging ports and one high-speed USB-C Power Delivery port for phones, tablets and more. Featuring a compact square design, it has a slimmer plug than other power strips for maximum space-saving while traveling, plus it’s compatible with different voltage standards, so it can be used internationally with no worries. For more information, visit https://www.amazon.com/dp/B07WLBZFDH.

Sail through airports

Frequent flyers know that airports can be congested and slow even when you least expect them to be. If you fly often domestically, consider investing in TSA Precheck to keep you flowing through checkpoints with ease. It costs $85 but is good for five years so many travelers find it worthwhile. If you travel internationally, invest in Global Entry, which provides similar benefits plus expedited processing at Customs and Border Protection for $100.

Be loyal

Not only does loyalty to certain brands help you rack up membership points, it reduces stress because you know what to expect. You’ll generally understand the process for getting what you need after you arrive at your destination. So try to fly, rent a car and book accommodations from the same companies as much as possible.

2019-12-09T09:01:01

(BPT) – Careers in the video game industry are highly desirable, and for good reason. Working for a video game company can be rewarding, and equally important, turns a favorite pastime into an exciting career. However, for tween and teen girl gamers, the prospect of one day working in the video game industry may seem daunting. While 46% of the U.S. gamer population is female, women account for only 22% of video game developers.

Women are taking the reins developing, designing and marketing video games. Lisa Wackenhuth Svanström, a 3D Artist at Star Stable Entertainment, a multiplayer game full of horses, magic and adventure, offers career advice to young women who may want a career in the video game industry:

1. What inspired you to build a career in the video game industry?

I am a life-long gamer, artist and digital creator and now, my official title at Star Stable is 3D Artist. Working for a company like this allows me to unite my interests and skills to create magic for girl gamers around the world. The artistic process of designing the 3D horses inspires me the most. It is so rewarding to have an idea in my mind, sketch out a new design and work with all the visuals such as 3D models, characters, textures, environments, props and ultimately release the final product for horse-loving girls who play our game every day.

2. What are the types of jobs for women in the development studio?

To build a game, artists (3D, 2D, VFX and animators), designers and programmers need to work closely together from start to finish. Artists work on the overall creative vision. Designers work with the mechanics and features. Then, programmers use their coding knowledge to bring it all to life. We work with producers to make sure that all tasks associated with the development process are completed on time and tracking with the overall vision of the project. As the industry continues to grow and evolve, developers focused on mobile and virtual/mixed reality are in high demand, as are tech animators, who use a combination of creative and animation skills to solve issues related to art production.

3. What other types of jobs do women have in the industry outside the development studio?

I have built my career in game art, but it takes dozens of people with specific skillsets for a video game company to succeed. Community managers interact with players daily to ensure they are having a positive experience with the game and make sure fan feedback is implemented. We also have women running the business at the executive level and as product managers and business developers. There are multiple opportunities, inside and out of the development studio, so you must embrace your skills and interests to find which career path you would enjoy most.

4. What are the most important skills needed to succeed?

I recommend that budding video game developers find a network, get to know different game engines, become familiar with 2D and 3D software, and try new games all the time. Then, become a specialist in the aspect that interests you the most. Developing specific skills is important but developing into a well-rounded person with a broad view of the world is equally important. It is also good to dive into sports, learn the arts, take a computer class or explore theater. Never stop learning and challenging yourself.

5. What advice do you have for young girls who want a career in video games?

A career in the video game industry, perhaps born out of a hobby or passion, is legitimate and can be profitable too. Today, there are dedicated game developing programs at universities. And, whether a teen dreaming of a future career, a university student or already in a career, finding a role model is key. I am fortunate to work with smart, talented women across all disciplines in the business of video games, each of whom bring something different to the table. Seek opinions from colleagues or bosses who have different work than yours — find a marketer, back-end programmer or member of the executive team and learn from them.

It’s also important to find a company that embraces women in all roles and embodies a culture of inclusivity and accessibility — the Star Stable team is more than 50% women. Finally, give back. If every woman who is part of the 22% proactively mentors other young women, imagine the next generation who will one day grow up to become our colleagues!

2019-12-09T08:01:00

(BPT) – Read on for the top five collision types in 10 states with high military presence, and five safe driving tips to help you avoid these costly accidents.

2019-12-04T07:53:00

(BPT) – Sponsored ad content from Vanderbilt Mortgage and Finance, Inc.

The new year is just around the corner and it’s never too early to think about your 2020 goals — and for many, this means prioritizing finances. Taking the time to focus on your goals and determine what’s important to you financially is the best way to set yourself up for success, but actually following through can be difficult. These easy financial exercises from Vanderbilt Mortgage will help you reach your goals in the new decade.

1. Outline your plan

If you don’t already have one, establish your plan. Write down short-term financial goals, such as creating a monthly budget, and long-term goals, such as paying off a debt or buying a home. Defining these goals will help as you set your budget for the next year.

2. Create a monthly budget

Gather pay statements, bills and bank statements to get started. You can write down all this information or use a budget tool. Start by calculating your monthly income, which includes not only the amount you may get from a regular paycheck, but also any money you get in government aid, child support or pensions. The next step is to look at your bills and bank statements to find out exactly what you spend in various categories of expenses such as utilities, auto, medical, personal, insurance, etc. This accurate information will empower you to take control of your spending.

3. Set a savings goal

Saving is another important aspect of financial health. Whether you’re using a general savings account, adding to an emergency fund, or setting aside funds for a new home, saving for larger financial goals helps you prepare and gives you peace of mind no matter where life takes you. If you’re new to saving, start small. Simply skipping your daily latte from the coffee shop a few times a week can add up quickly.

4. Stick to it

The statistics on how many people actually follow through and keep their New Year’s resolutions are rather bleak, but sticking with your financial goals will pay off. Stay on track by monitoring your progress each week. As you get closer to your goals, excitement will build and you’ll be motivated to keep budgeting and saving.

Vanderbilt Mortgage offers helpful online resources whether you are looking to purchase a new home or keep your current home in great shape. “Here at Vanderbilt, we want to use our years of experience to help current and future homeowners.” Said Eric Hamilton, President of Vanderbilt Mortgage, “Providing educational materials for every step of homeownership is one of the ways Vanderbilt is with customers every step of the way.”

Vanderbilt Mortgage and Finance, Inc., 500 Alcoa Trail, Maryville, TN 37804, 865-380-3000, NMLS #1561, (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Loans made or arranged pursuant to a California Finance Lenders Law license, GA Residential Mortgage (Lic. #6911), MT Lic. #1561, Licensed by PA Dept. of Banking.

2019-12-02T07:03:00

(BPT) – Although they’re widely used and an important part of our lives, most people find credit scores confusing. Often, consumers have a lack of accurate information about how and why credit reports and scores are used by lenders. Credit reports and scores allow banks and creditors to determine their risk in lending money to you, whether for a mortgage, car or other loan. Your credit history shows how likely you are to handle your debt responsibly — and pay it back in a timely manner.

Here are some common beliefs about credit scores, and the reality behind them.

MYTH #1: To boost your credit score quickly, leave a balance on credit cards.

FACT: Carrying a balance every month will not build your credit score any faster. What impacts your credit score more is the length of time you’ve held the credit accounts, a low balance and on-time payments. Since carrying a balance means paying interest, it’s better for you to keep balances low or at zero.

MYTH #2: Not using credit cards is the best way to improve your credit score.

FACT: It’s a good idea to keep all of your credit cards active by engaging in a small amount of activity every month or two, and then paying your bills on time. This will improve your history of on-time payments, and will keep more available open credit. Credit scores are often improved by having no more than 30% of your available credit in use at any given time.

MYTH #3: People have only one credit score.

FACT: Many scoring models are used, and they weigh items in your credit history differently. Some scoring models scan your credit report at one point in time, giving a snapshot that’s limited in understanding your overall credit picture. VantageScore 4.0, which is one of the models often used by lenders, is different because it takes advantage of trended credit data newly available from all three national credit reporting companies (CRCs). By capturing the trajectory of borrowing and payment behaviors, trended credit data provides a more precise, holistic view of consumer habits.

MYTH #4: Closing an unused credit card will boost your score.

FACT: It’s better for your credit score to have credit accounts open longer, and having more credit available to you improves your credit utilization ratio.

MYTH #5: Anytime someone checks your credit, the score goes down.

FACT: There is a grain of truth in this myth. If you check your own credit score, however, your score will not go down. When a creditor or lender checks your score, it’s called a “hard inquiry.” One or two hard inquiries won’t affect your score negatively, but several inquiries show you are actively looking for credit, which will lower your score. However, the VantageScore model uses a 14-day rolling window, so all inquiries within that window are considered as one inquiry, regardless of the type of account. It is assumed you’re shopping around for a rate, not necessarily opening up multiple lines of credit.

MYTH #6: If you get married, your credit score is joined with your spouse’s.

FACT: Your spouse’s credit is joined to yours only in this way: if you have joint credit card, loan or mortgage accounts, or if you co-sign a loan for one another, the payment history and available credit on any joint account will show up on both of your credit reports. Any account in just your name or your spouse’s will only show up on that person’s credit report.

MYTH #7: The credit score you check is the same credit score lenders use.

FACT: Lenders may use different models to assess your credit report, depending on the purpose and type of loan or credit. The score you might access to check your own score is not likely the same score a lender might use, and that score might have updated. Use the scores you access online as directional indications of your creditworthiness but understand that ultimately a lender has access to many different scores and information to arrive at a decision.

MYTH #8: Having a “bad” credit score means never being approved for a loan

FACT: While having a lower credit score could mean being turned down for a loan or credit, it’s also possible that you may be approved — but for less desirable terms, such as being charged a higher interest rate or having to pay a security deposit, depending on the type of loan.

Now that we’ve cleared the air on common credit score myths, take the next step and learn how to improve it. Don’t worry! If your score isn’t where you want it to be, it’s never too late to work on it as a personal goal. Listen to The VantageScore Podcast for an intimate conversation with the leaders in the credit industry and understand the landscape of the past, present and future of credit.