CreditCardMyths

Some people think they can fix a credit score problem by putting a statement in their credit file. You can't and it's probably a waste of time. While the law does require that credit reporting agencies allow you to submit a statement of explanation when you dispute a negative mark on your credit...

If someone tells you that you shouldn't shop for the best interest rates because it will hurt your credit score, don't believe them. They're just giving you a line to get you to sign on the dotted line. Whenever you shop for rates within a short period of time, the credit scoring agencies lump...

You may think you have to pay down all your credit cards to zero to get a good credit score. That's not true. In fact to show you know how to use credit wisely, it doesn't hurt to occasionally pay a card over time. Showing you know how to use credit wisely can actually help you get a better credit...

I'm not sure how this myth got started, but it's one of the most harmful myths out there. The worst thing you can do to destroy your credit score is to file bankruptcy. A chapter 7 bankruptcy stays on your credit report for 10 years and can reduce your credit score by as much as 265 points. Credit...

Here is another credit score myth that's overripe for a bust. Contrary to popular belief, you can not hurt your credit score when you ask to seek a copy of it...as long as you do it yourself and don't ask a friend at a financial institution to do it for you. When a bank or other financial...