A lot of well-meaning credit advice is outdated or flat-out wrong, and following it can actually cost you points. Here are the myths that come up most often.
Myth 1: Checking your own score hurts it
Checking your own credit report or score is a soft inquiry and never affects your score, no matter how often you do it.
Myth 2: You need to carry a balance to build credit
Paying your statement in full every month builds credit just as well as carrying a balance — and it saves you interest. Utilization is measured off your statement balance, not whether you carry debt month to month.
Myth 3: Closing a card you don't use helps your score
Closing a card usually hurts more than it helps — it reduces your total available credit (raising utilization) and can shorten your average account age over time.
Myth 4: Income affects your credit score
Your income isn't a factor in your credit score at all. Lenders may consider it separately when deciding whether to approve you, but it has no direct effect on the score itself.
| Myth | Reality |
|---|---|
| Checking your score hurts it | Only hard inquiries (new applications) affect it — checking your own is a soft pull |
| Carrying a balance builds credit faster | Paying in full each month works just as well, without the interest |
| Closing unused cards helps | It usually raises utilization and can shorten credit history |
| Income affects your score | Income isn't a scoring factor at all |
When in doubt, check the source
