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1. They don't reflect your financial picture, rather a snapshot of your debt in a point in time;
2. It doesn't matter if you carry a balance, rather whether you pay on time;
3. You don't need to apply for new credit for credit inquiries (which lower your score) to appear on your report;
4. The score you see when you purchase your credit report is not necessarily the score your lenders see.
Source: Wall Street Journal
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