KJRH Channel 2 Facebook fans answer questions about 5 credit score myths

TULSA - How well do know your credit?

There are some myths about your credit, and what you don't know can actually hurt you in the long run.

So, in an attempt to see what people believe when it comes to their personal finances , we posted five questions about credit on our Facebook wall last week.

Of those questions about five common credit myths , two of them had our fans overwhelmingly believing the myth.

But for the other three questions, our fans didn't buy into the hype.

Here are the results.

The first question we asked was: Do you believe your income has an effect on your credit score?


Thirty-two of 38 respondants believe that their income does have an impact on their credit score. But as Credit counselor Wayne Kindrick says, that's a trap most people fall into, "As it relates to the calculation of your score your particular income level is not a factor."

The second question we asked was: Does closing credit card accounts help your credit score?


We had 51 responses, with 48 fans not buying this myth. And they are correct! Credit counselor Wayne Kindrick says to help your score you should keep accounts open so you have that unused, available credit which boosts your score.

The third question we asked was: Do you believe when you pay your past-due debt it disappears?


This question received a near unanimous "No" as 35 of 36 who responded did not believe the disappearing act of paying off past-due debts. "It does eventually. But not right away. It's going to stay on your credit report, if it's accurate, for seven years," said Kindrick.

The fourth question we asked was: Do you believe all credit reports and scores are the same?


This question was unanimous for the "No" option. Not a single fan of the 29 who answered believed that all credit reports and scores are the same. The three different reports can actually vary widely and Kindrick said, "It's a very, very complex calculation. There can be some wide ranges in scores."

The final question we asked was: Do you believe making a credit inquiry hurts your credit score?


This was a myth that most of you bought into. Forty-four of 49 believed that making a credit inquiry hurts your score, but that's not the case as Kindrick said, "Pulling your own credit report, your own score, will have absolutely no affect on your credit score."

It's what's known as a soft inquiry. If you apply for credit of any kind and the business pulls your credit report to judge your credit-worthiness that will put a ding on your overall credit score.

How did you fare? Let us know what you think in our comments section.

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