CardTrak.com - Most Trusted Source of Credit Cards Since 1986

By Julia Spencer, CardTrak.com

An annual poll has found that consumers indicated credit scores would rise if one paid off a large credit card balance -- up from 62% in 2005 to 67% in 2008 -- and would fall if one made a monthly credit card payment more than 30 days late -- up from 71% to 78%. From a list including Experian, Equifax, and TransUnion, the percentage of respondents recognizing that Tenneco is not a credit bureau -- up from 47% to 54%. The survey by Opinion Research Corporation conducted for Consumer Federation of America and Washington Mutual Bank, also found that 28%, up from 24% in 2007, knew that 700 was the approximate lowest credit score that would qualify one for a low-rate mortgage; and 26%, compared to 19% in 2007, selected 400 or 500 as the score (incorrect) qualifying for a low-rate mortgage. While more than three-quarters correctly understand that making a monthly payment more than 30 days late lowers one's score, less than three-fifths know that maxing out a credit card by using the entire credit line also lowers scores. For a free annual credit report visit: http://www.annualcreditreport.com