1. Leaving A Balance On Your Credit Card Is Good For Your Credit Score

One of the biggest credit myths that almost half of Americans believe to be true is that leaving a balance on their credit card is better for their score than paying it in full. Carrying a balance doesn’t help your credit at all and, and can actually be harmful if the balance is a large percentage of your available credit limit. This is because it increases your credit utilization, which is the amount of your credit limit in use. Not paying off the remaining balance on a credit card can significantly influence your overall score.

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2. Checking Your Credit Score Lowers Your Credit Score

It is true that most adults are aware of their credit score and monitor it regularly, but many people still believe that checking your credit score will always lower it afterwards. Checking your credit score is considered a “soft pull,” which doesn’t affect your credit score. However, some actions such as applying for a credit card will require a “hard pull". This hard pull will temporarily impact your credit score. You can check your credit score for free with most card issuers, so make sure you take advantage and monitor your credit regularly.

3. Closing A Credit Card Will Improve Your Credit Score

It is important to know that closing a credit card will never improve your credit score. As a matter of fact, it is very likely that your score will drop to some extent, which is why some experts generally don’t recommend it. But there are some specific circumstances to think about before deciding whether or not to cancel your credit card. If have a credit card already opened that has no annual fee, then there’s really no con to keep it open.