BANGALORE: It is true that if you wish to apply for a loan then you should have a better credit card score and based on the credit score ratings, insurance companies, cable companies and even utility providers will decide upon the rates or deposit amounts that will be charged on you. But mostly it is seen that like many other important things in life, people confuse themselves between the credit card score and credit card report and they start believing in their self-made myths. There are many myths about the credit card scores and credit report that might hurt you. Let’s have a look at the myths of credit cards and credit scores:

1. Pay off all the debts and increase credit score: Credit scores are often calculated based on hundreds of factors and values; and it is difficult, at times, to make out how many points you will gain by changing one factor. Thus instead of changing each factor the better option is to pay your bills on time, work hard to lower your debts and get corrected if any inaccuracies in your credit score. A goof financial record will certainly have a great impact on your score.

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