9 credit myths experts wish would die already

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Credit plays a virtually inescapable role in our lives. Yet myths and anecdotal falsehoods about how to build and maintain it persevere.

For instance, Capital One recently published its annual Credit Confidence Study, which surveyed more than 2,300 people who are new to establishing credit, bolstering their score or re-establishing credit. More than half (53 percent) said they are “very confident” that they understand credit.

Yet 52 percent incorrectly believe maintaining a card balance is always good for their credit, 29 percent believe they have only one credit score and 15 percent believe that they can never repair a bad credit score.

“I think myths like these exist because credit can be complicated, combined with the fact that everyone’s situation is unique,” says Nancy Bistritz-Balkan, director of public relations and communications for Equifax. “But the more we talk about the actual facts of credit, the better consumers can understand and manage their unique credit situations.”

Here are 9 common credit myths that experts would like to disappear.

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A new player in the premium-travel-card game is about to make its debut. U.S. Bank (which never had a horse in the luxury-card race) will introduce its new Altitude Reserve card on May 1.

This card will combine some of the features of current premium cards with some of new ones. While we won’t know the full details until the card officially launches, there are enough rumored and confirmed details to construct a good preview.
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Rapid rescore – an instant credit fix for home-buyers?

You were dreaming of a house with a flower garden and a picket fence, but you got a rude awakening when you saw your credit score.

If an error on your credit report or the high balances on your credit cards could endanger your home financing plans, you might get help from a little-known credit tool: rapid rescoring.

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Guest blog: 4 reward hacks everyone should know

The following post is a guest blog, written by J.R. Duren (personal finance reporter at Highya.com).

Credit card rewards are not unlike the fashion world. While trends come and go, there are some consistent styles out there. Those who are most successful in the industry can pair tried-and-true methods with trending techniques.

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When American Express (a CreditCardForum advertising partner) introduced its new $200 Uber credit, some of our forum members contended that this perk was designed for “breakage,” due to the restrictions involved in using it.

Breakage is a concept in the loyalty-program world that refers to unused benefits — and the notion that programs make some of their benefits just complicated enough that many people won’t use them.

In other words, a card issuer may offer a benefit, may even advertise it – and hope you don’t actually use it.

We asked two rewards experts which benefits are particularly breakage-prone.
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