I'm here to help clear up the confusion. Below are five of the most common misconceptions about credit. Get to know the facts, and it'll be a lot easier to keep your credit happy and healthy. So, the top five credit misconceptions are... #5: Closing old accounts will improve your credit score Not true. The key word here is "old." When you close old accounts, you shorten your credit history. And that can actually lower your credit score. If you want to close your accounts, be sure to start with the newer accounts first. This will help keep your long established credit history on your credit reports. #4: Co-signing a loan doesn't make you responsible for the account Wrong. If you open a joint account or co-sign a loan, any activity on those accounts will show up on your credit report. For example, if you co-sign a car loan for your brother and he misses a payment, that will show up on your credit report. Think of any joint account or co-signed loans as your own account. #3: Paying off a negative record will get it removed from your credit report Not quite. Negative records such as collection accounts, late payments and bankruptcies can stay on your credit report for 7-10 years-even if you pay it off. But

Accurate mortgage quotes require that you pull a real mortgage credit report. We'll show you how to take control of your credit report and tune up your profile for the highest possible score before locking in your rate. ...learn more.

Once we have your mortgage credit report, we show how you were "scored" by Fannie Mae - an agency that gives lenders recommendations of the risk level your loan request presents. ...learn more.

After learning how Fannie Mae rated you, we'll show you what your loan options are and help you choose the program that works best for your personal finances. ...learn more.