Credit Score Myths Debunked
We separate financial facts from fiction, address common misconceptions, and show practical habits to protect and build your credit.
By Loretta Kilday • Reviewed by the DebtCC Editorial Team
Debt Relief Specialist & Spokesperson
KEY TAKEAWAYS
- Checking your own credit score registers as a soft inquiry and never reduces your score.
- Closing well-managed old card accounts decreases available credit limits and ages.
- Carrying a card balance does not help; maintaining low utilization ratios does.
- Credit score models assess histories, payments, and balances, ignoring annual income metrics.
Many beliefs about credit scores are rooted in half-truths. Review the five common credit myths below and learn what actually moves the needle to build your score.
Debunked Myths & Misconceptions
Practical Tips For Score Improvement
- Check your credit reports regularly and immediately dispute errors.
- Maintain a credit utilization ratio below 30% (ideally under 10%).
- Make credit card payments consistently on time, automating minimums when possible.
- Avoid applying for multiple credit lines simultaneously to limit hard inquiries.
Loretta Kilday
Debt Relief Specialist & Spokesperson, DebtCC
Loretta Kilday, Esq., is an accomplished litigator and transactional attorney with more than 30 years of experience across debt collection, bankruptcy, and related matters. DebtConsolidationCare features her as its spokesperson and public voice. She has also trained and mentored junior attorneys and associates. She earned her J.D. from DePaul University College of Law and a B.S. in Finance from DePaul University.
- Loretta Kilday
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