Credit Score Myths Busted

Posted November 16, 2019 in Real Estate Trends

Michael Pattullo2018, Clark County WA real estate agent

When it comes to helping your credit score, there are a lot of myths about helping a score that actually hurts. Here’s a list of a few myths that you should consider understanding better:

[Note: These myths are for people with existing credit scores. If you are trying to create a credit score, please email or phone me]

  • Opening a new retail credit card is good for my score.

NO, opening a new account can be bad, because it changes the age of your credit. New credit can subtract points from your score.

  • Carrying a balance on a credit card account is good for my score.

WRONG, the amount of open credit on your credit card is what helps your score.

  • Closing an old credit card will help my score.

NO, even if you find a better rate on a credit card, it is better to maintain the open credit on the old card. Closing an old account can actually hurt your score.

  • If I only use one credit card and pay on time, that is all that matters on my credit.

WRONG, if you use one credit card beyond 30% of its available credit, then you might be utilizing credit in a way that hurts your score. It’s better to ask for an increase in a credit line or use another credit card. Of course, it is important to make your payments on time.

  • Checking my credit score hurts my credit.

FALSE. Many people get confused between hard inquiries which are made when an application is submitted for credit versus checking one’s credit through a service such as Credit Karma. Many credit card companies offer scores as a service. Most people who look and understand their scores see an increase in their score over time.

People need to know all they can about how to keep a healthy credit score. There are many misconceptions about what is good versus bad.  Please call or email for more assistance on how to improve your credit score. I’m at

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