{"id":398,"date":"2026-04-04T19:03:50","date_gmt":"2026-04-04T19:03:50","guid":{"rendered":"https:\/\/thetruthaboutcredit.com\/index.php\/2026\/04\/04\/credit-score-myths-debunked\/"},"modified":"2026-04-04T19:03:50","modified_gmt":"2026-04-04T19:03:50","slug":"credit-score-myths-debunked","status":"publish","type":"post","link":"https:\/\/thetruthaboutcredit.com\/index.php\/2026\/04\/04\/credit-score-myths-debunked\/","title":{"rendered":"10 Credit Score Myths That Are Costing You Points"},"content":{"rendered":"
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Credit scores are wrapped in more myths and misinformation than almost any other financial topic. Some of these myths are just harmless misunderstandings \u2014 others are actively costing people points every month. Here are the 10 most common and expensive ones, set straight.<\/p>\n

Myth 1: Checking Your Own Credit Hurts Your Score<\/h2>\n

Truth:<\/strong> Checking your own credit \u2014 called a “soft inquiry” \u2014 has absolutely zero impact on your score. The confusion comes from conflating soft inquiries (you checking your own credit, or background checks) with hard inquiries (a lender pulling your credit when you apply for a loan or credit card). Only hard inquiries can temporarily ding your score, and even those typically cause a drop of only 2\u20135 points.<\/p>\n

You should check your credit report at least once a year \u2014 and more frequently if you’re actively working on your credit. AnnualCreditReport.com lets you pull all three reports for free.<\/p>\n

Myth 2: You Only Have One Credit Score<\/h2>\n

Truth:<\/strong> There are dozens of credit scoring models. FICO alone has 28+ versions \u2014 including mortgage-specific scores (FICO 2, 4, 5), auto loan scores (FICO Auto Score 8), and card scores (FICO Bankcard Score 8). VantageScore (used by Credit Karma) uses a separate algorithm. The score you see on a free app may be 20\u201350 points different from what a mortgage lender sees.<\/p>\n

Myth 3: Income Affects Your Credit Score<\/h2>\n

Truth:<\/strong> Your income is never reported to credit bureaus and has no impact on your credit score. A person earning $40,000\/year with perfect payment history and low utilization will have a higher credit score than a $200,000 earner with late payments and maxed-out cards.<\/p>\n

[AD ZONE: MID-CONTENT]<\/div>\n

Myth 4: Closing Old Credit Cards Helps Your Score<\/h2>\n

Truth:<\/strong> Closing credit cards almost always hurts your score \u2014 for two reasons. First, it reduces your total available credit, which increases your utilization ratio. Second, if it’s one of your oldest accounts, closing it can shorten your average account age (which makes up 15% of your FICO score). Keep old cards open, even if you rarely use them. Charge a small recurring expense to them monthly and pay it off in full.<\/p>\n

Myth 5: Paying Off a Debt Removes It from Your Credit Report<\/h2>\n

Truth:<\/strong> Paying off a debt \u2014 whether a collection, charge-off, or old credit card balance \u2014 does not remove it from your credit report. It simply changes the status from “unpaid” to “paid.” The negative entry remains for seven years from the original delinquency date. To actually remove it, you need a pay-for-delete agreement (for collections) or a successful dispute.<\/p>\n

Myth 6: Carrying a Balance Builds Credit<\/h2>\n

Truth:<\/strong> This myth has cost people thousands of dollars in unnecessary interest. You do not need to carry a balance to build credit. You need to use the card and pay it off in full each month. The credit bureau sees that you used credit responsibly \u2014 the interest you pay adds nothing to your score and everything to the credit card company’s profits.<\/p>\n

Myth 7: A Debit Card Builds Credit<\/h2>\n

Truth:<\/strong> Standard debit cards are not reported to credit bureaus and do not help build credit. They’re just a way to spend your own money. To build credit, you need accounts that actually report: credit cards, loans, or secured cards.<\/p>\n

Myth 8: Being Denied Credit Hurts Your Score<\/h2>\n

Truth:<\/strong> The denial itself has no impact. It’s the hard inquiry from the application that may cause a small, temporary dip (typically 2\u20135 points). The denial decision made by the lender is not shared with the bureaus.<\/p>\n

Myth 9: You Can’t Dispute Accurate Information<\/h2>\n

Truth:<\/strong> You can dispute any information on your credit report \u2014 the question is whether the bureau can verify it. If a creditor can’t verify the specific details of an accurate account within 30 days, the item must be removed regardless of accuracy. Many older accounts, particularly debts sold multiple times, fail verification.<\/p>\n

Myth 10: All Credit Repair Companies Are Scams<\/h2>\n

Truth:<\/strong> While there are absolutely bad actors in the credit repair industry, many legitimate companies do provide real value \u2014 particularly for consumers with complex, multi-bureau disputes. The key distinction: reputable companies don’t make impossible promises, don’t charge before performing services, and don’t offer to create new credit identities. See our vetted list of legitimate credit repair companies<\/a>.<\/p>\n

Want a vetted credit repair professional?<\/strong>
See our ranked comparison of legitimate credit repair companies with transparent pricing.<\/small><\/p>\n

Check Pricing \u2192<\/a><\/div>\n

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Related: The Gray Area: What’s Legal and What’s Not<\/a> | Credit Repair vs DIY<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Most people believe at least one credit score myth that’s actively hurting their score. 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