Finance

Top Ten Credit Score Myths: List of Credit Myths You Should Know

We’ve researched the 10 most common credit score myths and explained them below, so you can start improving your credit score today. We’ve even added a few ways Cactus Credit works to dispel these myths, making it even easier to find out more about your credit.

Your credit score is something that will accompany you as long as you live and make purchases, especially large ticket purchases such as buying a house or car. For this reason, it is incredibly important to make sure that you know the myths of credit scores and do your best to keep your credit in the best possible shape.

If your credit is not where you want it to be, that’s okay! These myths will help you to be better informed about future credit scores and credit cards, which in turn, can help you improve your financial health!

  1. Checking My Credit Score Will Lower It.

Incorrect. This is one of the most common credit myths. It is important to know that checking your credit score does not hurt it. However, if you need to have your credit score checked by a third party on a credit line, your credit score may be affected by asking for your report. Therefore, we advise you to limit the number of credit checks you receive so as not to damage your credit score, even if it is minimal.

  1. Closing A Credit Card Has An Impact on Your Credit Score.

Incorrect. Your credit card has no positive or negative effect on your credit score. If you have kept this credit card in good condition, paid out consistently, and kept it as a positive account, closing the card will not harm or benefit you. If you close your credit card, which is in bad condition, it will not have much impact either. The history that comes with this card will stay with you for 6 years, even after you close it.

  1. Your Income Affects Your Credit Score.

Regardless of how well your work is paid, it has no positive or negative impact on your credit score. Your credit score is determined by how great you pay your bills and how much you owe. Of course, the more money you have, the easier it is to pay your bills consistently and on time.

  1. If You Have A Good Credit Score, It Means That You Are Rich.

Incorrect. Similar to the myth outlined above, an excess of money or a lot of money does not guarantee a good credit score. If you have a good credit score, you have consistently paid bills or loans on time, which does not necessarily mean that you have a lot of money in your bank account.

  1. Carrying Credit On Your Credit Card Can Increase Your Score.

Wrong. Carrying a balance with you has no way of helping your credit score, it will only reduce it. Keeping a balance on your credit card will only cause it to look as if you are not paying it, and will also cause you to pay interest. Credit reports want to see people repay their credit cards in full when the payment is due. The minimum amount you are allowed to pay will not be able to move the credit score upwards.

  1. Getting Married Affects Your Credit Score Based On Your Partner.

Wrong. Your credit score is yours and yours alone. Even if you get married, your partner’s credit score may not affect your credit score negatively or positively. However, when it comes to making large joint purchases, both you and your partner’s credit score will be checked to see if you receive a credit that can then affect how much you receive or whether you are approved for credit.

  1. The Use Of Debit Cards Can Help You Evaluate Your Credit Score.

Incorrect. Debit cards are not associated with credit cards at all, because when you spend money with a debit card, it comes directly from your chequing account, in other words, from your own money. If you can pay your credit card bill consistently, it may be better to pay for everyday purchases such as gas, groceries, and other everyday necessities with your credit card. Credit card companies like to see uniform bills and payments. It is a small way for you to build credit – just make sure you always pay your bills on time.

  1. Your Poor Credit Score Will Last Forever.

Incorrect. A bad credit score can definitely improve over time, as long as you do the right things. If you do the things that have brought you into a bad credit score, such as not paying your bills on time, then, of course, there is no way that it will get better! If you start paying your bills on time and have multiple credit lines that are consistently repaid, and you eventually start to see your credit score go up, and you become financially healthier.

  1. Employers Can Check My Credit Score.

Incorrect. It is illegal for an employer to check your credit score to check you as an applicant. It is also completely irrelevant for an employer to have this information, like the way you spend your money or debt is not important for your employer to know it. However, if your employer should grant you credit, then they may be entitled to know your credit score. Regardless, they cannot verify your credit score when hiring a suitable candidate for a job advertisement, citing this as a reason not to hire you.

  1. Poor Creditworthiness Means You Will Never Be Admitted For Anything.

Incorrect. Poor credit scores can make it difficult to get approved, but it is not impossible. Lenders take other factors into account when determining whether you are eligible for a loan or evaluating your credit score. On the flip side, you may have to pay a higher interest rate or pay a deposit to make sure they feel comfortable lending to you, as you would be considered riskier.

Credit Card Myths Debunked

We know that learning about credit scores is a long way away and that mistakes are likely to be made. Everyone has been through it before, and mistakes are the ones that help you learn and grow. So don’t be discouraged if you’ve made some or if you’ve believed these myths in the past! We hope this helps and can’t wait for your credit scores to improve.

Related Articles

252 Comments

  1. Hi! Do you know if they make any plugins to help with Search Engine
    Optimization? I’m trying to get my blog to rank for
    some targeted keywords but I’m not seeing very good success.
    If you know of any please share. Many thanks! You can read similar blog
    here: Sklep online

  2. Good day! Do you know if they make any plugins to help with SEO?
    I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good gains.
    If you know of any please share. Thank you! You can read similar text here: E-commerce

  3. Hello there! Do you know if they make any plugins
    to help with Search Engine Optimization? I’m trying to get my website to rank
    for some targeted keywords but I’m not seeing very good gains.
    If you know of any please share. Many thanks! You can read similar blog
    here: GSA Verified List

  4. Hello there, just became alert to your blog through Google, and found that it’s really informative. I¡¦m going to watch out for brussels. I¡¦ll be grateful if you continue this in future. Lots of people will be benefited from your writing. Cheers!

  5. There are extremely lots of details that adheres to that to consider. That is the wonderful point to raise up. I provde the thoughts above as general inspiration but clearly you will find questions like the one you raise up where most important factor is going to be in the honest good faith. I don?t determine if best practices have emerged around things like that, but More than likely your job is clearly defined as an affordable game. Both kids feel the impact of merely a moment’s pleasure, through out their lives.

  6. An interesting dialogue is price comment. I feel that it is best to write more on this matter, it may not be a taboo topic however usually individuals are not enough to talk on such topics. To the next. Cheers

  7. Pleasurable post. It appears that almost all of the techniques are banking on the innovation factor. “Love cures people — both the ones who give it and the ones who receive it.” by Dr. Karl Menninger..

  8. Nice post. I find out some thing harder on distinct blogs everyday. It will always be stimulating to study content using their company writers and exercise something from their website. I’d would rather apply certain using the content in my weblog regardless of whether you do not mind. Natually I’ll provide you with a link with your web weblog. Many thanks for sharing.

  9. Spot on with this write-up, I honestly believe this excellent website wants considerably more consideration. I’ll likely to end up once more to study a great deal more, thank you for that information.

  10. Spot i’ll carry on with this write-up, I honestly think this website needs much more consideration. I’ll oftimes be again to read much more, appreciate your that information.

  11. I’m impressed, I must tell you. Very rarely do I come across a blog that’s both informative and entertaining, and let me tell you, you’ve right from the beginning. Your blog is important, the issue is something that not enough people are talking intelligently about.

  12. Thank you for the sensible critique. Me & my neighbor were just preparing to do some research about this. We got a grab a book from our local library but I think I learned more from this post. I am very glad to see such excellent info being shared freely out there.

  13. I love the look of your website. I recently built mine and I was looking for some design ideas and you gave me a few. May I ask you whether you developed the website by youself?

  14. Do you mind if I quote a couple of your posts as long as I provide credit and sources back to your weblog? My blog site is in the exact same niche as yours and my users would certainly benefit from some of the information you present here. Please let me know if this ok with you. Thanks!

  15. When I originally commented I clicked the -Notify me when new surveys are added- checkbox and today every time a comment is added I purchase four emails with the same comment. Is there in whatever way you can eliminate me from that service? Thanks!

  16. Good day! Do you know if they make any plugins to assist with Search Engine Optimization? I’m trying to get my blog to rank for some
    targeted keywords but I’m not seeing very good gains. If you know of any please share.

    Many thanks! You can read similar art here: Escape room list

  17. Spot on with this write-up, I actually feel this site needs a lot more consideration. I’ll more likely be once more to see much more, thank you that information.

  18. Good day! I could have sworn I’ve been to this blog before but after browsing through some of the posts I realized it’s new to me. Nonetheless, I’m definitely delighted I found it and I’ll be bookmarking it and checking back regularly!

  19. An interesting discussion is worth comment. I believe that you ought to write regarding this topic, it might not be a taboo subject but generally persons are too few to chat on such topics. To another location. Cheers

  20. I discovered your website website on bing and appearance a couple of your early posts. Preserve within the really good operate. I merely additional encourage Feed to my MSN News Reader. Seeking forward to reading more by you down the line!…

  21. Just before you decide to create your own checklist to incorporate an idea associated with what camping checklist ought to. Really … A listing can be well over what you need.

  22. Thanks therefore significantly for this! I havent been this particular thrilled with a weblog for any long time period! You’ve got it, what ever which indicates in blogging. Anyway, You’re definitely an individual which has some thing to express which individuals should listen to. Keep up the outstanding job. Maintain upon uplifting the people!

  23. I’ve been surfing online more than 3 hours as of late, but I never found any interesting article like yours. It is beautiful worth sufficient for me. Personally, if all website owners and bloggers made just right content material as you probably did, the internet can be much more useful than ever before!

  24. Can I simply say what a reduction to search out someone who actually is aware of what theyre speaking about on the internet. You definitely know easy methods to bring an issue to gentle and make it important. More folks must read this and understand this facet of the story. I cant believe youre not more widespread because you undoubtedly have the gift.

  25. I like what you guys are up also. Such clever work and reporting! Keep up the excellent works guys I’ve incorporated you guys to my blogroll. I think it will improve the value of my website .

  26. Good, i’ve got to assert that the producing skills not which unhealthy, yet i can also you can actually improve ones own publishing knowledge. Implementing reduced thoughts to mention the actual. You’ll check out search engine just for making skills schooling website and applications.

  27. I love the dear data you be offering to your articles. I can bookmark your weblog and feature my youngsters test up here generally. I’m slightly sure they’ll be told a whole lot of new stuff here than any one else!

  28. wonderful publish, very informative. I ponder why the other specialists of this sector do not notice this. You must proceed your writing. I am confident, you have a great readers’ base already!

  29. hey there solid blog website and layout. I am hoping I am not annoying you I merely wanted to inquire precisely what wordpress plugin you use to show the newest commentary on your blog? I want to do exactly the same for my free apple iphone page but I cant find the plugin or widget for it. Thanks for your time

  30. excellent submit, I love it. I also buy ambien a good deal. You must buy ambien also. I will travel to the whole USA and buy ambien there and in other locations to. i will be downtown, you know for what ? just to buy ambien. I will rest a great deal soon after buy ambien and that it always make me feel so great. I will be buy ambien in a pharmacy or a different destinations, no matter what the daily life get me .

  31. I truly love your blog.. Very nice colors & theme. Did you build this website yourself? Please reply back as I’m looking to create my own blog and would like to learn where you got this from or just what the theme is named. Cheers!

  32. Hi! Do you know if they make any plugins to help with SEO?
    I’m trying to get my blog to rank for some targeted keywords but I’m not seeing
    very good results. If you know of any please
    share. Cheers! I saw similar text here

  33. An intriguing discussion is definitely worth comment. I think that you should publish more about this issue, it may not be a taboo subject but usually people don’t speak about these issues. To the next! Kind regards.

  34. What your stating is absolutely correct. I know that everyone have to say the identical matter, but I just believe that you place it in a way that everyone can understand. I also love the photographs you put in the following. They match so effectively with what youre attempting to say. Im confident youll get to so many individuals with what youve acquired to say.

  35. Hi! I could have sworn I’ve been to this blog before but after checking through some of the post I realized it’s new to me. Anyhow, I’m definitely glad I found it and I’ll be bookmarking and checking back often!

  36. hey there solid blog website and layout. I am hoping I am not annoying you I merely wanted to inquire precisely what wordpress plugin you use to show the newest commentary on your blog? I want to do exactly the same for my free apple iphone page but I cant find the plugin or widget for it. Thanks for your time

  37. Spot on with this write-up, I honestly feel this site needs far more attention. I’ll probably be returning to read through more, thanks for the info!

  38. I’m curious to find out what blog system you’re using? I’m experiencing some minor security issues with my latest website and I’d like to find something more risk-free. Do you have any solutions?

  39. Hello, Neat post. There is a problem together with your website in web explorer, might test this? IE still is the market leader and a good section of people will leave out your fantastic writing due to this problem.

  40. Lol, My laptop died while I was checking this site previous time I was here. And for the last two days I have been searching for this weblog, so glad I came across it again!

  41. This may be the correct blog for really wants to be made aware of this topic. You understand so much its nearly tricky to argue together with you (not too I really would want…HaHa). You certainly put a different spin on a topic thats been discussed for decades. Wonderful stuff, just excellent!

  42. The following time I read a blog, I hope that it doesnt disappoint me as a lot as this one. I imply, I do know it was my option to learn, however I actually thought youd have something attention-grabbing to say. All I hear is a bunch of whining about something that you possibly can repair for those who werent too busy in search of attention.

  43. Nice post. I find out something more difficult on distinct blogs everyday. It will always be stimulating to learn to read content using their company writers and exercise a specific thing from their store. I’d would prefer to apply certain together with the content in this little weblog whether you do not mind. Natually I’ll offer you a link on your web blog. Thank you for sharing.

  44. Thank you finding the time to discuss doing this, I believe powerfully concerning it as well as really enjoy reviewing more to do with this process subject matter. Whenever prospective, whilst you attain understanding, exactly what musings posting to your trusty weblog in also material? This is used by i am.

  45. An impressive share! I have just forwarded this onto a coworker who was doing a little homework on this. And he actually ordered me breakfast due to the fact that I discovered it for him… lol. So allow me to reword this…. Thank YOU for the meal!! But yeah, thanx for spending time to talk about this matter here on your website.

  46. There are a few interesting points soon enough in this posting but I do not determine if them all center to heart. There exists some validity but I will take hold opinion until I check into it further. Excellent post , thanks and that we want much more! Added to FeedBurner likewise

  47. What i don’t realize is in reality how you are no longer actually a lot more neatly-preferred than you may be right now. You are so intelligent. You understand thus considerably with regards to this subject, produced me in my view believe it from so many various angles. Its like women and men aren’t fascinated except it’s one thing to accomplish with Girl gaga! Your individual stuffs great. Always maintain it up!

  48. Thank you for the article. I’ve truly thought about it before but never wanted to do anything about it. I do think because of my lack of complete understanding. Each day, however, I’m noticing more and more people getting frustrated because they think it is very complicated to understand. Exactly what really encouraged me personally again, however, seemed to be your rationale men and women would like to discuss the situation once they see their own friends commenting on the same thing. That is just how knowledge increases.

  49. My spouse and i felt now peaceful Michael could carry out his survey out of the precious recommendations he had from your own web pages. It is now and again perplexing to simply continually be releasing instructions many people could have been trying to sell. And now we do understand we now have the website owner to thank because of that. The entire explanations you have made, the straightforward blog menu, the relationships you assist to instill – it’s got many extraordinary, and it is making our son in addition to us imagine that that subject is exciting, and that’s particularly indispensable. Thank you for the whole lot!

  50. Someone essentially assist to make critically posts I’d state. This is the very first time I frequented your website page and to this point? I surprised with the analysis you made to create this actual submit incredible. Wonderful process!

  51. Being grateful for for your post. I know that throughout today’s complicated world, folks have many beliefs and this has made it to be very difficult for learners much like me. However, you have made it very easy for me to fully grasp and I now have in mind the correct thing. Your continued reputation as one of the top experts on this topic may be increased through words with appreciation from visitors like me. Thanks, again.

  52. Congratulations on having Hands down the most sophisticated blogs Ive come throughout in most time! Its just incredible how much you can detract from a thing mainly because of how visually beautiful it’s. Youve put collectively a very good blog space -great graphics, videos, layout. This really is undoubtedly a must-see weblog!

  53. The the next occasion I just read a blog, Lets hope so it doesnt disappoint me about this one. Get real, It was my solution to read, but I personally thought youd have some thing intriguing to say. All I hear is often a bunch of whining about something that you could fix in case you werent too busy searching for attention.

  54. Wow! This can be one particular of the most beneficial blogs We’ve ever arrive across on this subject. Basically Magnificent. I am also an expert in this topic therefore I can understand your effort.

  55. There a few interesting points with time in this post but I do not determine if I see these people center to heart. There’s some validity but I’m going to take hold opinion until I consider it further. Great write-up , thanks and that we want a lot more! Included with FeedBurner also

  56. Thank you for sharing excellent informations. Your site is so cool. I’m impressed by the details that you?ve on this website. It reveals how nicely you perceive this subject. Bookmarked this website page, will come back for more articles. You, my friend, ROCK! I found simply the info I already searched all over the place and just could not come across. What a perfect website.

  57. Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point. You clearly know what youre talking about, why waste your intelligence on just posting videos to your weblog when you could be giving us something informative to read?

  58. This is such a great resource that you’re offering and you provide out at no cost. I appreciate seeing sites that realize the worth of offering a perfect useful resource totally free. I genuinely loved reading your submit.

  59. Youre so cool! I dont suppose Ive read anything similar to this before. So nice to discover somebody with original ideas on this subject. realy thanks for starting this up. this web site is a thing that is required on the net, somebody if we do originality. beneficial job for bringing something new to the internet!

  60. Thanks for the good critique. Me and my cousin were just preparing to do a little research on this. We got a book from our area library but I think I’ve learned better from this post. I’m very glad to see such wonderful information being shared freely out there..

  61. I am often to running a blog and i actually appreciate your content. The article has actually peaks my interest. I am going to bookmark your site and preserve checking for brand new information.

  62. Someone essentially lend a hand to make severely articles I would state. This is the very first time I frequented your website page and up to now? I amazed with the research you made to create this particular submit amazing. Fantastic activity!

  63. May I simply say what a relief to uncover someone who truly understands what they’re talking about on the internet. You actually realize how to bring an issue to light and make it important. More and more people should look at this and understand this side of your story. I can’t believe you aren’t more popular given that you definitely have the gift.

  64. Having read this I believed it was extremely informative. I appreciate you finding the time and energy to put this information together. I once again find myself personally spending a significant amount of time both reading and commenting. But so what, it was still worth it.

  65. Hi! I simply wish to offer you a big thumbs up for your excellent information you have right here on this post. I’ll be returning to your website for more soon.

  66. I’m extremely pleased to find this website. I wanted to thank you for your time just for this wonderful read!! I definitely appreciated every little bit of it and I have you book-marked to look at new stuff in your website.

  67. I am not sure where you’re getting your information, but great topic. I needs to spend some time learning more or understanding more. Thanks for wonderful info I was looking for this information for my mission.

  68. Fantastic guide! Chatting about how treasured the entire digesting. I hope to learn from way more away from you. I know you’ve awesome look and additionally view. I happen to be very much contented using data.

  69. Hello, thank you for posting this article regarding – Gulvafslibning | Kurt Gulvmand I was really wondering myself where to search for this, until I found this page with the help of bing while looking for – Gulvafslibning | Kurt Gulvmand I really appreciate this nice blog, it helped me a lot!

  70. I’m sorry for the large evaluation, however I’m truly loving the brand new Microsoft zune, and hope this, along with the superb evaluations another people have written, will help you determine if it is the right choice for you.

  71. Hello .finaly I found what I was looking for how did you guys found this information??thank you for your article I found it on Google And I bookmarked it . I’ll share. Please send me updates thank you and have a nice day

  72. Aw, this was a very good post. Taking a few minutes and actual effort to create a very good article… but what can I say… I hesitate a lot and don’t manage to get nearly anything done.

  73. Oh my goodness! Awesome article dude! Thank you so much, However I am encountering issues with your RSS. I don’t understand the reason why I can’t subscribe to it. Is there anybody else getting identical RSS problems? Anybody who knows the answer will you kindly respond? Thanks!!

  74. You are so interesting! I do not believe I have read a single thing like this before. So nice to find another person with genuine thoughts on this topic. Really.. thanks for starting this up. This web site is one thing that is needed on the web, someone with a little originality.

  75. Good day! I could have sworn I’ve been to this blog before but after looking at some of the posts I realized it’s new to me. Nonetheless, I’m certainly delighted I came across it and I’ll be bookmarking it and checking back regularly!

  76. Everything is very open with a really clear explanation of the issues. It was truly informative. Your website is very useful. Many thanks for sharing!

  77. It’s nearly impossible to find knowledgeable people on this subject, however, you sound like you know what you’re talking about! Thanks

  78. Greetings! Very helpful advice in this particular article! It’s the little changes which will make the biggest changes. Thanks a lot for sharing!

  79. I must thank you for the efforts you’ve put in writing this blog. I’m hoping to check out the same high-grade content by you in the future as well. In fact, your creative writing abilities has inspired me to get my very own blog now 😉

  80. Greetings! Very useful advice in this particular post! It’s the little changes that produce the largest changes. Many thanks for sharing!

  81. A motivating discussion is worth comment. There’s no doubt that that you need to publish more about this topic, it may not be a taboo subject but generally people do not talk about these issues. To the next! Best wishes.

  82. I have to thank you for the efforts you’ve put in writing this website. I am hoping to see the same high-grade blog posts from you later on as well. In fact, your creative writing abilities has motivated me to get my own, personal website now 😉

  83. You have made some really good points there. I checked on the net for additional information about the issue and found most individuals will go along with your views on this site.

  84. I really love your site.. Very nice colors & theme. Did you build this site yourself? Please reply back as I’m hoping to create my very own site and would love to learn where you got this from or what the theme is called. Thank you!

  85. I really love your website.. Very nice colors & theme. Did you create this site yourself? Please reply back as I’m trying to create my own website and want to know where you got this from or just what the theme is called. Thanks!

  86. I was very pleased to find this website. I want to to thank you for ones time due to this fantastic read!! I definitely really liked every bit of it and i also have you saved to fav to check out new things on your site.

  87. I was very happy to find this website. I want to to thank you for ones time just for this wonderful read!! I definitely liked every little bit of it and I have you book marked to check out new stuff in your blog.

  88. Your style is very unique compared to other people I’ve read stuff from. Many thanks for posting when you have the opportunity, Guess I will just bookmark this site.

  89. The next time I read a blog, I hope that it doesn’t fail me just as much as this one. After all, I know it was my choice to read, but I actually thought you would probably have something interesting to talk about. All I hear is a bunch of moaning about something that you could fix if you were not too busy searching for attention.

  90. Hello there, I do believe your website might be having browser compatibility problems. Whenever I look at your blog in Safari, it looks fine but when opening in IE, it’s got some overlapping issues. I just wanted to give you a quick heads up! Apart from that, great website.

  91. Oh my goodness! Incredible article dude! Thank you, However I am encountering issues with your RSS. I don’t know the reason why I cannot subscribe to it. Is there anybody getting similar RSS problems? Anyone who knows the solution can you kindly respond? Thanx!

  92. Hello there! I could have sworn I’ve visited this site before but after going through some of the posts I realized it’s new to me. Anyways, I’m certainly happy I discovered it and I’ll be book-marking it and checking back often.

  93. This is the right blog for everyone who would like to find out about this topic. You realize a whole lot its almost tough to argue with you (not that I actually would want to…HaHa). You certainly put a new spin on a subject which has been discussed for ages. Excellent stuff, just great.

  94. Hi there! This blog post couldn’t be written much better! Going through this post reminds me of my previous roommate! He always kept talking about this. I most certainly will send this post to him. Fairly certain he’s going to have a great read. I appreciate you for sharing!

  95. Hi, I do think this is an excellent web site. I stumbledupon it 😉 I am going to revisit yet again since i have book-marked it. Money and freedom is the greatest way to change, may you be rich and continue to help other people.

  96. When I initially left a comment I appear to have clicked on the -Notify me when new comments are added- checkbox and now whenever a comment is added I get four emails with the same comment. Perhaps there is a way you can remove me from that service? Thanks.

  97. I would like to thank you for the efforts you have put in penning this blog. I really hope to check out the same high-grade content from you later on as well. In fact, your creative writing abilities has motivated me to get my own blog now 😉

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button