Credit Card Tips - Debunking Credit Score Myths

credit-score-myth-vs-truthCredit repair always comes down to better credit score strategies. Sometimes, in our desperate attempts to collect credit repair tips from anyone and everyone, we become victims of senseless myths.

The following are a few fallacies that should immediately be discredited.

1.It is Futile to Frequently Check Your Credit Report

A little research never did any harm to humanity. Same goes to your credit documents. A thorough check on those will keep you forewarned about your possible problems. Some people also think that checking credit reports will adversely affect their credit scores. Most importantly, it saves you scamming and theft.

2.Early Payments will Increase the Credit Score

It always pays to be efficient, but early payments generally have no positive impact on your credit score. A better strategy is to clear off all the payments before the statement’s closing date so that your balance will appear zero on your statement.

3.The Credit Report should be Flawless

It is impossible for most credit card holders to keep a pristine record. They might be in a financial crunch, or simply missed out on the due date. Human beings are prone to mistakes and a little red mark on your credit report doesn’t really make much of a difference.

4.Scores can be Improved by Closing Old Accounts

If you have closed your old accounts to increase your score because some of your colleagues have told you it helps, you are in for a shock. The President of Personal Information Solutions at Equifax says that the practice will shorten your credit history and negatively reflect on your credit availability.

5.Scores can be Boosted through Multiple Accounts

Conversely, having multiple accounts provides absolutely no benefit to your credit score. In fact, it reduces your credit score to a great extent, no matter how efficiently you are managing it. It creates an impression that you are careless with your money and want to borrow it just for the sake of borrowing.

6.Credit Cards and Debts Go hand in hand

Legend has it that credit cards are the cause of never ending debts. This is obviously not true. Cardholders can actually have the benefit of secure payment policies where they can pay a particular amount before the last date and enjoy all the valuable rewards.

7.Rewards will die with the Credit Card

Cardholders assume that they would lose all their rewards on the closure of their account. This can happen only if the cardholder has no other account. A better way can be check the policies before closing any account in order to enjoy all the rewards.

8.Creditors are Two-Faced Monsters

Creditors love their stakeholders. They value this symbiotic relationship and the fact that they both are the beneficiaries to each other.


These were some of the most common myths that cause people to avoid credit cards. Believe us, they are only baseless creations of idle minds. If you are interested in knowing more about credit card, its usage, and best credit card tips, visit

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