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.