11 Surprising Credit Score Facts and Myths You Need To Know Right Now
Your credit score is one of the most powerful numbers in your financial life. This three-digit grade influences loan approvals, mortgage rates, and even rental applications. Yet, the world of credit scores remains shrouded in confusion, leading to costly myths that hinder financial progress.
A recent survey highlights the gap in understanding: 21% of Gen Z are unaware of their credit score, and nearly a quarter of Americans haven’t checked theirs in the past year. Misinformation persists, with stubborn myths actively costing consumers money.
The truth is more nuanced. Checking your score won’t harm it—if done correctly. You don’t have a single credit score but dozens, tailored for different purposes. A higher salary doesn’t boost your score, and carrying a balance isn’t the strategy it’s often made out to be.
