Top 6 Credit Score Myths You Shouldn’t Believe

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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

Checking Your Credit Score Lowers It

When you check your own credit score, it is considered a "soft inquiry" and does not affect your score.

2

Closing Old Accounts Improves Your Credit Score

In reality, closing old accounts can hurt your score because it reduces the overall length of your credit history.

3

Paying Off Debt Erases It from Your Credit Report

While paying off debt is a positive action and can improve your credit score over time, the account and its history.

4

Only Credit Card Usage Affects Your Credit Score

In reality, various types of credit accounts influence your score, including mortgages and auto loans.

5

Carrying a Balance on Your Credit Card Improves Your Score

In fact, paying off your balance in full each month is the best way to manage your credit cards.

6

Your Income Affects Your Credit Score

While having a higher income might make it easier to pay off debts & avoid missed payments and not affect credit score.