Top 5 Credit Myths That Hurt Your Score | Elevate Credit Solutions

When it comes to credit, misinformation spreads fast. Unfortunately, believing the wrong thing about your credit can keep your score lower than it should be — and even stop you from achieving your financial goals. At Elevate Credit Solutions, we believe knowledge is the first step toward financial freedom. Let’s clear the air on some of the most common credit myths.

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Myth #1: Checking Your Own Credit Hurts Your Score Many people avoid looking at their credit report out of fear it will lower their score. The truth? Checking your own credit is considered a soft inquiry and has no impact on your score. In fact, regularly reviewing your report is one of the best ways to stay on top of your financial health and catch errors early.

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Myth #2: You Should Never Close Old Credit Cards It’s true that closing an account can shorten your credit history, which may slightly affect your score. However, if a card comes with high annual fees or tempts you into debt, closing it may be the smarter move. Credit repair is about balance and strategy — not one-size-fits-all rules.

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Myth #3: Paying Off Debt Instantly Boosts Your Credit Paying down debt is always a smart financial move, but don’t expect your score to jump overnight. Your credit history, utilization rate, and payment patterns all play a role. Real, lasting improvements come with consistent positive activity over time.

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Myth #4: You Need to Carry a Balance to Build Credit This one is a costly myth. Carrying a balance — and paying interest — does nothing to boost your credit. What matters is that you use credit responsibly and make your payments on time. Even small purchases paid off monthly can strengthen your history.

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Myth #5: Credit Repair is Illegal or a Scam This is one of the biggest misconceptions out there. While there are shady companies, legitimate credit repair — like what we provide at Elevate Credit Solutions — is 100% legal under federal law. The Fair Credit Reporting Act (FCRA) gives you the right to dispute inaccuracies and errors on your credit report. Our role is to use our expertise and experience to help you navigate the process effectively.

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Final Thoughts Your credit score affects nearly every area of your financial life, from buying a home to securing a loan. Don’t let common myths keep you from reaching your goals. With the right knowledge and the right support, you can take control of your financial future. At Elevate Credit Solutions, we’ve been helping clients repair, rebuild, and elevate their credit for over 15 years. If you’re ready to separate fact from fiction and start improving your credit today.

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