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Tenth Anniversary Top 10:
Credit Scoring Myths

2016 marks the 10th anniversary of the founding of VantageScore Solutions, LLC. To commemorate that milestone, each 2016 issue of The Score newsletter will include a bonus “Top 10” article. This month, we offer a look at the 10 most popular credit-scoring myths we’ve debunked over the years.

Rank

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10

Myth: Credit scores and credit reports are the same thing


9

Myth: When you close a credit card account, your credit scores will always go down


8

Myth: Paying off loans or closing credit cards cause their removal from your credit reports


7

Myth: Charge cards are treated the same way as credit cards by credit scoring models


6

Myth: The decision to grant a loan is based solely on the credit score


5

Myth: Since I don’t have a long credit history, I can’t get a VantageScore credit score


4

Myth: When you close a credit card or pay off a loan, you lose the value of the account’s age in your credit scores


3

Myth: Since I always pay my bills on time, I don’t need to check my credit report


2

Myth: Only banks and lenders use credit scores


1

Myth: Leaving a balance on a credit card will cause you to build a credit score faster than paying in full each month



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