Credit Score Myths Most People Still Believe

Question 1

You want to check your own credit score to see where you stand. What will happen to your credit score?

Accepted Answer

Nothing — checking your own credit is a soft inquiry and never affects your score

Answer

It will drop by 5 points because any credit check creates an inquiry

Answer

It will drop only if you check it more than twice in one year

Answer

It will drop slightly the first time but not for subsequent checks in the same year

Question 2

Your friend tells you that carrying a small balance on your credit card every month will help build your credit score faster. Is this true?

Accepted Answer

False — carrying a balance does nothing to help your score and costs you interest charges you could avoid entirely

Answer

True — carrying a balance shows the card is active and being used responsibly

Answer

True — but only for the first 12 months of having a new card

Answer

True — but only if the balance is under 10% of your credit limit

Question 3

When two people get married, their credit scores automatically merge into one shared score. True or false?

Accepted Answer

False — married couples always maintain completely separate, individual credit scores and reports

Answer

True — a joint credit profile is created at the Social Security Administration when a marriage license is filed

Answer

True, but only if they open a joint bank account within 90 days of marriage

Answer

False, unless one spouse adds the other as an authorized user to all their accounts

Question 4

Using a debit card responsibly — never overdrafting and always having money available — helps build your credit score over time. True or false?

Accepted Answer

False — debit card activity is never reported to credit bureaus and has no impact on your credit score

Answer

True, but only if you opt into a credit reporting program with your bank

Answer

True — banks report responsible debit card usage to credit bureaus monthly

Answer

True, but only for debit cards linked to a major bank rather than a prepaid card

Question 5

A company checks your credit before offering you a job. This hard inquiry will lower your credit score. True or false?

Accepted Answer

False — employment credit checks are soft inquiries and do not affect your score at all

Answer

True, but only if you did not give written permission for the check

Answer

True — employer checks count as hard inquiries and lower your score by up to 10 points

Answer

False, but only for jobs in the financial industry where credit checks are regulated differently

What You Will Learn