Myth? Myth? Yeth?

Oh, Muppet Movie, even today you impact my life with your funny and corny jokes.

I thought I’d share a mainstreet.com article today – 10 Common Credit Myths.

A few that were interesting…

Myth #3: Carrying a balance is good.

It’s a common misconception that carrying a balance on a credit card is a good thing because it helps you build your balance faster, especially when you’re first establishing credit.

But that’s simply not true, says John Ulzheimer, a consumer credit expert at Credit.com. Actually using your credit cards is good for your credit score, but carrying a balance just means you’ll have to pay interest on your balance.

Myth #9: Closing accounts increases your credit score.

Among credit card holders, 18% believe that closing credit card accounts will improve their credit score and 27% say it won’t affect their score at all, according to a survey from Harris Interactive and Lending Club.

This simply isn’t true, credit experts say. The amount of credit you have compared with the amount of credit you’re using plays a large part in determining your score. To put it simply, it’s best to have more credit available than what you’re actually using.

Did you see any information in the article was that was interesting to you?

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