Bad advice travels faster than good advice. Here are the credit myths worth unlearning.
- "Carrying a balance helps your score." It doesn't. Pay in full.
- "Closing old cards helps." It usually hurts by lowering average age and total limit.
- "Checking your own credit lowers your score." It doesn't — that's a soft inquiry.
- "You only have one credit score." You have many, per bureau and per model.
- "Paying a collection removes it." Not automatically. Ask about pay-for-delete in writing.
- "Income affects your score." It doesn't directly.
- "All debt is bad debt." Mortgages and installment loans, paid on time, help credit mix.
- "Bankruptcy erases everything from your report." It doesn't. Accurate items remain.
- "Cosigners are safe." They're not — they're fully liable.
- "Credit repair guarantees results." No legitimate firm will guarantee outcomes.