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Common myths about credit scores

myths about credit scores

Credit scores are an important aspect of our financial lives, and many people have misconceptions about how they work. In this blog post, we’ll debunk some of the most common myths about credit scores.

Myth 1 : Checking your credit score will lower it

Many people believe that checking their credit score will lower it, but this is not true. When you check your own credit score, it’s considered a soft inquiry and doesn’t affect your score. Only hard inquiries, which are initiated by lenders or creditors, can have a temporary impact on your credit score.

Myth 2 : Closing credit accounts will improve your credit score

Closing credit accounts can actually harm your credit score, especially if you have a long credit history with those accounts. Closing accounts can also increase your credit utilization ratio, which is the amount of credit you’re using compared to your total credit limit.

Myth 3 : You need to carry a balance on your credit card to improve your credit score

Carrying a balance on your credit card does not improve your credit score. In fact, it can harm your score by increasing your credit utilization ratio and potentially leading to missed payments. It’s best to pay off your credit card balance in full each month to avoid interest charges and maintain a healthy credit score.

Myth 4 : Your income affects your credit score

Your income is not a factor in determining your credit score. However, your income can affect your ability to obtain credit and your ability to make payments on time.

Myth 5 : Closing a credit card account will immediately remove it from your credit report

Closing a credit card account does not immediately remove it from your credit report. Closed accounts can remain on your credit report for up to 10 years, depending on the type of account.


There are many myths about credit scores that can lead to confusion and misunderstandings. It’s important to have a clear understanding of how credit scores work and what factors affect them. By debunking these common myths, we hope to help you make informed decisions about your credit and financial health.
For more information on credit repair and how to improve your credit score, visit Credit Repair Champ.