There’s a lot of misinformation out there when it comes to credit. At PVD Credit, we hear it all the time — from “closing your cards helps your score” to “checking your credit will hurt it.” The truth? Many of these myths can actually damage your credit if you follow them.
Let’s set the record straight. Here are the top 5 credit myths that might be holding your score back:
Truth: Only hard inquiries (like applying for a loan or credit card) impact your score. Soft inquiries (like checking your own score) have zero effect. So go ahead — keep an eye on your credit.
Truth: Carrying a balance means paying interest. You can build credit just by making on-time payments and keeping your utilization low — ideally under 30%.
Truth: This can actually hurt you. Closing a card reduces your total available credit and can shorten your credit history. Unless there’s an annual fee or fraud risk, keep old cards open.
Truth: Income isn’t part of your credit report. While lenders consider income for approval, your credit score is based on payment history, credit use, length of credit, new accounts, and credit mix.
Truth: It helps, but not always instantly. Credit scores update after lenders report to the bureaus, which can take weeks. Stay consistent and be patient — your score will catch up.
Understanding how credit really works is the first step to improving it. At PVD Credit, we help you cut through the confusion and take control of your financial future — one smart move at a time.
Need help disputing errors or rebuilding your score? We’re here to help.
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