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Score bored: Why certain myths make credit score significantly hard to read

Think about how many different sets of opinions you've received or heard about exercise and how to lose weight.
Dozens. Maybe even hundreds.
The truth is you can lose weight a number of different ways, so opinions vary but so do results. A lot of what you hear about high reps and low weight or vice versa and that you should do cardiovascular work or running on a empty stomach, while some argue it doesn't matter, the point is you don't know what to believe, what is true.
The same goes for money and how to save it.
You have plenty of voices streaming through your psyche as far as how to save money and what impacts your bottom line, your credit score or anything of that ilk. That isn't to suggest some aren't correct, but there are plenty of disguised truths or myths that are perpetuated about money, saving it and what exactly makes you a sound financial decision when lenders and banks take a good, long look at you.

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For instance, have you ever thought about a credit inquiry and thought that, perhaps when shopping around for a car or house, you would rather not have your credit affected and decided against it. Truth is, the inquiry doesn't mean a whole lot against you, and avoiding one isn't always in your best interest.
Furthermore, those who struggle with debt tend to gravitate toward continuing to struggle and do things like miss payments or pay the minimum, which does nothing to alleviate the issue at hand. What needs to happen in some extreme cases is a counseling session with a credit company that deals in consolidation first and foremost.
Plenty of financially challenged people steer clear of debt consolidation simply because they believe it is the proverbial kiss of death or once step away from bankruptcy, but that couldn't be further from the truth. The real reason for doing the consolidation is so you can manage a single payment, and this credit counseling service can work with your creditors to lower your rate and get the debt paid off faster, without any issue. Other than having those line of credits closed, the deal is a sweet one that won't drain your score down to something paltry.
So if you're going to listen to advice from whomever about credit scores and debt, make sure the voice is one of reason and, most importantly, a valid one.

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