It can often be tricky to determine how credit scores work. And because of the lack of knowledge, many myths and misconceptions about credit scores keep spreading. Also, note that there is plenty of conflicting information out there, and even well-intentioned advice can sometimes turn out to be wrong.

This is why it is not surprising that credit score myths are so prevalent. It is worth noting that people usually find it hard to verify the validity as well as the applicability of these credit score myths and rumors. And at times, believing in these myths may lead you to trouble. So, can you identify a credit score myth or rumor when you see one? Surveys indicate that individuals continually believe the same credit score rumors and myths.

Here’s a compilation of some of the most popular credit score myths.

You Cannot Get a Credit Card If You Have a Bad Credit Score

While it is true that most lenders, such as banks, keep the best deals for people who have good credit scores, note that having a bad credit score may not necessarily mean that you cannot get a credit card. However, because of your poor credit score, you might be offered credit at a slightly higher interest rate.

A Poor Credit Score Will Last Forever

You may know that your credit score is a financial representation of your past. However, don’t make the mistake of assuming that once you get a low or poor score, it will stay with you for the rest of your life. You can try to develop a good credit history, which, in turn, will build a good credit score over time.

Note that by making a habit of following all the best practices and tips, you will be able to build a good score. As a result, your past transactions will fade away. Also, keep in mind that a financial transaction stays in your credit report for about 2 years. So, there is always hope for improvement.

Repaid Debts Don’t Reflect on Your Credit Report

Did you know that credit reports often track your credit behavior for two years? As a result, all loans that you either held or closed during this period will show up on the credit report. So, they will have an impact on your credit score. If you don’t repay your debt on time, it would also reflect on your credit score.

Your Credit Scores Will Merge If You Get Married

This is another common myth. However, in reality, there’s nothing like merging of credit scores. You should always remember that regardless of your marital status, credit scores are always determined based upon individual financial behavior. So, having a joint bank account will not change anything when it comes to your credit history and credit score.

Each Individual Has only One Credit Score

This is far from the truth. Note that each person has multiple credit scores. This is because many different credit scoring models are used to determine a person’s credit score. And for every credit scoring model, there are 3 different credit scores.

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