6 Credit Card Myths (and Facts)  You Should Know

According to a survey by Equifax, 18.6 million new credit cards were issued between January and march 2022.  Many were opened with the primary goal of improving their credit score.

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

Your score will only take a hit if you apply for new credit and a lender does a hard pull on your report. Even then, the drop is temporary, and your score will rebound soon enough.

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

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

Myth 3: You Only Need One Credit Card.

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.

If you're trying to build credit, don't carry a balance on your credit card. Instead, use it responsibly by paying off your balance in full each month.

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

This is a myth. A high credit limit can help actually help you by reducing your credit utilization ratio.

Myth 5: Having a High Credit Limit is Bad

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