Considering the fact that credit card usage is here to stay, there is a ton of misinformation out there when it comes to credit scores. A credit score is just a numeric representation that lenders need in order to understand the likelihood of getting back their money.

It is based on all kinds of criteria that establish the general credit risk of a borrower, from the amount of debt they might have had already, to their payment history and many other factors.

Even if credit scoring companies such as FICO and VantageScore explained multiple times what exactly comes to an individual’s credit score, there’s still a lot of speculation going on. And we’re here to debunk those myths!