7 Credit Score Myths That Are Hurting Your Score

Myth 1: Carrying a small balance helps. False. Paying your statement balance in full every month is best for your score and saves you interest.

Myth 2: Closing old cards improves your score. False. Closing accounts shortens your average age of credit and reduces your total available credit, which usually drops your score.

Myth 3: Checking your own credit hurts your score. False. Pulling your own report is a soft inquiry and has no effect.

Myth 4: All debt is bad for your score. False. A mix of credit types (revolving and installment) and a long history of on-time payments builds the strongest profile.

Myth 5: Disputing accurate items will get them removed. Sometimes — but not for the reason you think. Items get removed because the furnisher cannot verify them, not because you ask nicely. The dispute has to be legally precise.

Myth 6: Paid collections don't hurt your score. Under older FICO models they still do. Under FICO 9 and VantageScore 4.0 they are ignored, but many lenders still use older models.

Myth 7: A high income raises your score. Income is not on your credit report at all. Only payment history, balances, and account age matter.