6 Credit Card Myths (and Facts) You Should Know

If you're looking to boost your credit score, you've probably researched which moves will have the biggest impact and how many points each action can add.

There is a lot of bad information out there. In this post, we're going to clear some of that up. Here are 6 credit card myths you should know. Don't worry. We'll debunk all of them.

Myth 1: Constantly Checking Your Credit Report Lowers Your Credit Score

This is one of the most common myths about credit scores. Let's set the record straight: Checking your own credit report does not lower your score.

Myth 2: Applying for a Credit Card has No Effect on Your Credit Score

Applying for a credit card does result in a hard inquiry on your report, which can lower your score by a few points. 

It is true that you only need one credit card to build credit. But having multiple cards can actually be beneficial to your credit score in several ways.

Myth 3: You Only Need One Credit Card

Myth 4: Keeping a Balance on Your Credit Card Will Help You Build Credit

This is another very common credit myth out there. Carrying a balance on your credit card will not help you build credit.

This is a myth. A high credit limit can help actually help you by reducing your credit utilization ratio. However, if you don't carry a balance on your credit card, your credit utilization ratio will generally remain low no matter how high your credit limit is.

Myth 5: Having a High Credit Limit is Bad

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