Credit score myths debunked in the US

Credit scores are widely misunderstood. Many commonly repeated beliefs are simply wrong — and acting on them leads to poor decisions. Here are the most common US credit score myths, debunked.

Myth 1: There is one universal US credit score

False. There is no single official US credit score. Scores are produced by models from FICO and VantageScore, both of which have many versions, and each of the three bureaus — Equifax, Experian and TransUnion — holds slightly different data. Lenders also apply their own criteria on top and often use industry-specific score versions. The number in your free app is frequently not the number a lender pulls.

Myth 2: Checking your credit score damages it

False. Checking your own credit report or score is a soft inquiry and has no impact on your score whatsoever. You can check as often as you like through AnnualCreditReport.com, a free service such as Credit Karma, or the score tool most card issuers provide, without any negative effect.

Myth 3: Income and savings affect your credit score

False. Your credit score is calculated from your credit behavior — borrowing history, payment record, utilization. Income and savings are not part of your credit file. They are often requested by lenders separately as part of affordability assessment, but they do not directly affect the credit score number.

Myth 4: Your partner's credit score affects yours

Mostly false. Marriage does not merge credit files, and there is no such thing as a joint credit score in the US. Your reports stay separate. What does appear on both reports is a shared account: a joint loan, a joint credit card, or an account where one of you is an authorized user. A spouse's poor credit can also affect you indirectly when you apply together, because lenders consider both applicants.

Myth 5: Closing old accounts improves your score

Usually false. Closing old, well-managed credit accounts often reduces your credit score because it shortens your credit history and reduces your total available credit (increasing your utilization percentage). Unless an account has fees or is associated with problems, leaving it open (even unused) is generally better for your score.

Myth 6: Paying a collection removes it from your report

Mostly false. Paying a charged-off account or collection updates it to show a zero balance, which lenders view more favorably, and the newest scoring models ignore paid collections entirely — but many lenders still use older models that do not. The entry itself remains for around seven years from the original delinquency regardless of when or whether you paid. Accurate negative information can only be removed early if it was reported in error.

Myth 7: Debit card usage builds your credit score

False. Debit card transactions are not reported to the credit bureaus and have no effect on your credit score. Only credit accounts — credit cards, personal loans, auto loans, student loans, mortgages — appear on your credit report. Using a debit card responsibly, or having a large bank balance, tells lenders nothing about your creditworthiness.