Credit scores are widely discussed but often misunderstood. Clearing up a few common myths can prevent decisions that accidentally hurt your score instead of helping it.
Myth 1: Checking your own credit score hurts it
Checking your own score or report is considered a soft inquiry and does not affect your score at all. Only hard inquiries, generally triggered when a lender checks your credit because you applied for new credit, can have a small impact.
Myth 2: You need to carry a balance to build credit
Carrying a balance and paying interest does not help your score, it only costs you money. Paying your statement balance in full each month still counts as on-time payment activity, which is what actually builds a positive history.
Myth 3: Closing old, unused cards helps your score
Closing a card can reduce your total available credit and shorten your average account age, both of which can lower your score. In most cases, leaving an old, no-fee card open and unused (or used occasionally) is better for your score than closing it.
Myth 4: Income affects your credit score
Income is not a factor in how credit scores are calculated. It is relevant when a lender decides whether to approve you and for how much, but the score itself is based on how you have managed credit, not how much you earn.
Myth 5: All credit scores are the same
There are multiple scoring models (and versions of each), and the specific number you see can vary depending on which one is used and which credit bureau’s data it is based on. Lenders may use a different model than the one shown on your free credit monitoring app, so scores from different sources will rarely match exactly.
Understanding what actually influences your score, and what does not, makes it easier to build credit intentionally instead of relying on common but inaccurate assumptions.