Skip to content

Fox Insurance Agency Blog

All You Ever Wanted to Know About Insurance

Top Credit Score Myths

Top Credit Score Myths

Credit score is a major concern for millions of Americans. Your credit score dictates many things, including your interest rates, ability to buy a car, and get a mortgage, among other things. Although there has been a concentrated effort made as of late to make credit scores more transparent in nature, the fact of the matter is that the score has long been regarded as a mysterious and powerful force by any.


There have been a lot of myths that have arisen regarding credit score and how it is influenced. Here are some of the more popular myths which require debunking:


1-      Paying off debt immediately makes credit pristine. The truth of the matter is that your credit score is an evaluation of your financial responsibility over time, so you paying off debt in a moment does not simply erase past mistakes.

2-      Cancelling cards boosts your score. While cancelling cards might make managing debt easier, it does not boost your score. However, paying off all your cards before cancelling them is a good way to start in on improving it.

3-      There is a seven year forgiveness period. No, there is not.

4-      You can always pay someone to repair your credit. Your credit score is determined over a long period of time, so it cannot be fixed in an instant, even if someone appears to be legitimate with their intentions.

5-      Checking your own credit hurts your score. No, it doesn’t. Checking your credit is part of being an informed consumer, and should be done often.


The key to getting a better credit score is not about quick fixes or magic- it is about fiscal responsibility and paying back lines of credit in a prompt manner that meets with your financial contract. Be responsible with a couple of lines of credit and pay everything back in full to see results.