Busting Common Myths About Credit Score for NYC Residents


If you are living in the amazing New York City, then you may already know that this city is always awake. The residents of this city are always on the lookout for better opportunities that match their lifestyles. Finding an opportunity in this city is not easy, but if you keep looking, you will see that there are always some around the corner. You just have to keep walking towards them.

Another thing, being a New Yorker, you may have seen is the impact and importance of credit scores that you have. If you are aware of how credit score works, then great, as here we are going to bust some myths regarding credit score.

If you are not as informed as you would like to be, then credit repair services in NYC will be there to help; just reach out. The thing is that whether you are trying to rent out a place or looking to buy it, your credit score matters. Even if you are someone working on starting a business, a credit score is important. Why?

A credit score is a factor that highlights your creditworthiness. If you have a higher credit score, it indirectly means that you are a reliable person, and if you are going to rent or purchase a building or you are trying to take a loan, it is more likely that you will pay the fee or pay back the amount on time.

People trust you. This is exactly why making sure that your credit score is at the right number is essential.

Anyway, here we are going to go deeper and explain how knowledge is power. There are many myths regarding credit scores going around, which we intend to bust by using this article as a medium.

Let’s all empower each other with the right information!

Myth 1: Checking My Own Credit Will Lower My Score

Okay, so this myth is actually more common than you may believe. Checking your credit score is not something that you should be afraid of. It will NOT impact your credit score negatively in the future. There are agencies that even give you free reports for your credit once a year.

The truth is, you are just checking your score, and it will help you prepare for the future. Checking your own credit score is like a soft inquiry to make sure you are ready for what the future brings. Keep checking your financial health; it is not something that will hurt your score.

Myth 2: I’m Stuck with a Bad Score Forever

Again, not true.

Your credit score is not set in stone. The truth is that while negative information can stay on your credit report for a certain period, probably for 6 to 7 years, you can take steps to improve your score.

Really, you can always improve your score.

Agencies are there to help and guide you, and agencies are there to give you loans on bad credit so you can make better choices in the future. You can also opt for other options like the ones that are as simple as paying bills on time, reducing credit card balances, and managing debts responsibly.

Do all of these and see your credit score start to soar. Trust the process.

Myth 3: Closing Old Credit Accounts Will Boost My Score

Closing old credit accounts can actually have the opposite effect on your credit score. The length of your credit history is a factor in your score, and older accounts with positive payment histories can boost your score.

So, when you are closing them, you are indirectly reducing your credit history’s average age. This means you are potentially lowering your credit score.

Myth 4: I Should Carry a Balance on My Credit Cards to Improve My Score

This is a tenacious misconception. But it is exactly that… a myth!

Carrying a balance on your credit cards does not naturally improve your credit score. On the contrary, if you are paying your credit card balances in full and on time, that is the best way to build a positive credit history.

Myth 5: I Can’t Get Credit with a Low Score

While a low credit score may limit your borrowing options and result in higher interest rates, it doesn’t mean you can’t get credit at all. There are credit products specifically designed for individuals with less-than-perfect credit. You can also work on improving your score to access better credit opportunities.

Another opportunity is given if you become a member of any credit union. Such credit unions allow loans for their members. Later, when the members pay back their loans, it helps in increasing their credit. The best part is that the interest rate is extremely low.


Myths are everywhere, and we are here to help bust them. Credit scores are one of the topics that come with a number of myths, and some of these are extremely harmful if you are following them.
Understanding the truth about credit scores is essential for everyone, especially NYC residents who want to make informed financial decisions. Don’t let common myths about credit scores hold you back.
In addition, regularly monitoring your credit, managing your debts responsibly, and seeking accurate information will empower you to take control of your financial future.

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