9 Credit Score Myths That Are Costing You Money
Carrying a balance doesn't help your score. Checking it doesn't hurt. Here are 9 persistent myths — and what actually matters.
SSarah ChenEditor-in-Chief
1 min read
Half of what you’ve heard about credit scores is wrong. Here are the myths costing you the most.
The biggest myths
- “Carrying a balance helps your score.” False — and expensive. Pay in full every month.
- “Checking your score hurts it.” False. A soft pull has zero impact.
- “You need to carry debt to build credit.” False. Using a card and paying it off is enough.
- “Closing old cards helps.” Usually false. It lowers your average age and utilization — both hurt.
- “Income affects your score.” False. Income affects approval, not the score itself.
- “All debt hurts equally.” False. Payment history and utilization matter more than total debt.
- “Marriage merges scores.” False. Scores stay individual.
- “Paying collections removes them.” False. The mark stays for 7 years; paying updates the status.
- “You only have one score.” False. You have dozens — FICO, VantageScore, plus per-bureau versions.
What actually matters
Two factors drive ~65 % of your score: payment history (35 %) and credit utilization (30 %). Get those right and the rest takes care of itself.
This article is for informational purposes only and does not constitute financial advice. Always do your own research.