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News: Credit Score Misconceptions Still Exist -

Good credit score is hard to achieve and knowing what you should do and what you shouldn't is probably a halfway through a tough wavy road to a better credit score. A lot of people use different "tricks" to, as they believe, help their credit but they may not be working at all.

Credit Card Insider conducted a survey of 1,051 U.S. adults. It showed that people do not have entirely accurate understanding of what affects credit scores.

Thus, nearly 2/3 (61%) of Americans believe that income impacts credit scores, which is not true. In fact, credit scores are based on credit reports which never include income. People also think that using their debit card (27%) or choosing "credit" at checkout while paying with a debit card (15%) can build credit history or help credit scores. Not true again. Debit cards contribute nothing to your credit history or score, even if you select "credit" at checkout.

An overwhelming 79% of respondents think that credit scores can be found on the copies of credit reports, which is incorrect as credit scores are actually requested separately and often for an extra fee. Another big number of respondents (70%) do not know about Vantage Score, another big credit scoring brand along with FICO.

Another popular misconception is that closing a credit card is good for your credit score, as responded 29% of participants. In fact, when you close a credit card the average age of your accounts and credit utilization ratio can be impacted and not usually in a positive way.

Another sad discovery is that 24% of respondents think that their credit score will automatically be good if they do not have any credit card debt. Unfortunately, building credit is not easy and simply having no debt won't build your credit.

With credit score being a big part of our lives, there is too much misunderstanding. Digging into the subject of credit scores and what affects them should help you develop good credit habits. This will likely result in better credit scores and long-term benefits, including the ability to get credit card, mortgage, and auto loan on better terms.