9 Credit Score Myths That Are Costing You Money

Half of what you’ve heard about credit scores is wrong. Here are the myths costing you the most.

The biggest myths

1. “Carrying a balance helps your score.” False — and expensive. Pay in full every month.
2. “Checking your score hurts it.” False. A soft pull has zero impact.
3. “You need to carry debt to build credit.” False. Using a card and paying it off is enough.
4. “Closing old cards helps.” Usually false. It lowers your average age and utilization — both hurt.
5. “Income affects your score.” False. Income affects approval, not the score itself.
6. “All debt hurts equally.” False. Payment history and utilization matter more than total debt.
7. “Marriage merges scores.” False. Scores stay individual.
8. “Paying collections removes them.” False. The mark stays for 7 years; paying updates the status.
9. “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.