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There’s a lot of ‘fake news’ floating around about credit scores, but now it’s time to part the clouds of confusion and shine a light on those pesky credit score myths that come up far too often. They've had us all scratching our heads, but we're here to sort the fact from the fiction.

#1: Checking Your Credit Score Damages It

This one comes up a lot, but it’s simply not true. When you check your credit score, it's called a "soft inquiry" which doesn't affect your score at all. Feel free to check as often as you like - it's a healthy financial habit!

#2: You Have One Universal Credit Score

In fact, you don’t just have one credit score. Different lenders might use different credit reference agencies (Experian, Equifax, or TransUnion), each of which could provide a slightly different score. So, it's not uncommon to have differing scores.

#3: Earning More Means a Higher Credit Score

Income isn't factored into your credit score at all. It's about how you manage your credit, not how much you earn. So, it's good financial management, not your hefty paycheck, that leads to a gleaming credit score.

#4: Closing Old Accounts Boosts Your Credit Score

Quite the opposite! Older accounts show you have a longer history of managing credit, which can be a positive. Closing accounts might reduce the total credit available to you, potentially increasing your credit utilisation ratio and negatively impacting your score.

#5: There's a Quick Fix for Bad Credit

There's no magic wand to wave for immediate credit score improvement, it's a gradual process. Building a good credit score involves making consistent, on-time payments and reducing your overall level of debt.

#6: Credit Scores and Credit Reports are the Same

Although they are related, they aren't the same thing. Your credit report is a detailed record of your credit history, while your credit score is a numerical value based on that history.

There you have it! Myths, debunked and truths, revealed. Remember, knowledge is power – the more you understand about your credit score, the better equipped you are to improve it. Want more? Explore our site for additional tips, guides, and tools to improve your credit score and financial well-being. Happy credit score building!

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