Common Credit Myths Debunked

Credit Myths

Join our weekly #CreditChat on Periscope,, Twitter, and Snapchat every Wednesday at 3 p.m. ET.  This week, we talked about the most popular credit myths getting spread right now.

The panel included:  Jim Akin: Senior Manager of Digital Communications at Vantage ScoreRod Griffin: Director of Public Education at Experian and Mike Delgado: Director of Social Media at Experian.

We also featured financial tips all week on Snapchat.


Questions We Discussed:

  • Q1: What is the worst credit myth you’ve ever heard?
  • Q2: What information goes into calculating a credit score?
  • Q3: Why should someone care about their credit score if they don’t plan to apply for credit any time soon?
  • Q4: If someone has had issues with credit in the past, will they have to wait 7 years for their credit score to improve?
  • Q5: Is it true that you should carry a balance on your credit card to have a good score?
  • Q6: How many credit cards should you have for a good credit score?
  • Q7: How often do credit scores change?
  • Q8: Are the credit bureaus responsible for granting or denying credit?
  • Q9: Do debit cards or prepaid cards help build credit?
  • Q10: What’s the best way to rebuild or improve credit?

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If you’ve never heard about #CreditChat, here is a brief overview:

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