These credit score myths can lead to misunderstandings about how credit scores work and how to manage them effectively, here are some things to know.
1
When you check your own credit score, it is considered a "soft inquiry" and does not affect your score.
2
In reality, closing old accounts can hurt your score because it reduces the overall length of your credit history.
3
While paying off debt is a positive action and can improve your credit score over time, the account and its history.
4
In reality, various types of credit accounts influence your score, including mortgages and auto loans.
5
In fact, paying off your balance in full each month is the best way to manage your credit cards.
6
While having a higher income might make it easier to pay off debts & avoid missed payments and not affect credit score.