Thirty years ago, a large percentage of the population didn’t care about their credit. The only reason credit was important was if you were getting a mortgage on a home or financing a new vehicle.
Even then, the information on your credit report was limited and lenders had to rely more on your income history than your credit history.
Now, it seems like you need credit for everything, from renting an apartment to getting a cell phone or even qualifying for student loans. As we’ve become more dependent on credit, a lot of myths have arisen around credit building and credit scores.
Below, I’ll debunk some of the most prevalent credit score myths and explain the real truth, so you can start improving your score.
1. Credit cards are bad
How many times have you heard somebody tell you that credit cards are bad? I’ve heard it a lot, mostly from…
