07/25/2025
Myth vs. Truth: Credit Edition
🧠Myth: Checking your credit score will hurt it.
✅ Truth: Checking your own score is a soft inquiry and doesn’t affect your credit at all. In fact, it’s smart to monitor it regularly!
🧠Myth: You need to carry a balance to build credit.
✅ Truth: You can build great credit by paying off your balance in full every month. No need to pay interest!
🧠Myth: Closing old credit cards helps your credit score.
✅ Truth: Closing accounts can actually lower your score by shortening your credit history and increasing your utilization rate.
🧠Myth: Your income affects your credit score.
✅ Truth: Your income isn’t part of your credit score. Lenders may consider it, but the score itself is based on payment history, debt levels, and more.
🧠Myth: Only people with debt have credit scores.
✅ Truth: You can have a credit score without being in debt. Responsible use of credit cards and paying off balances builds credit, not debt.
🧠Myth: Paying off a debt removes it from your credit report.
✅ Truth: Paid-off accounts can stay on your credit report for up to 10 years — and that’s a good thing if you paid on time!
🧠Myth: One late payment won’t matter.
✅ Truth: Even a single late payment can seriously impact your credit score — especially if it's over 30 days late.
Have you heard any other credit myths? Drop them below and let's bust them together!
Send a message to learn more
