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9 Credit Score Myths You Shouldn’t Believe Anymore

October 13, 2022 · Personal Finance
social security credit score
Photo by Rido from Shutterstock

Will carrying larger balances end up helping your credit score?

It is true that you have to use credit to get a higher score. Even so, the whole idea that you’d have to carry enormous balances every other month, just to boost your score, has no sense whatsoever. As a matter of fact, it’s exactly the opposite.

Large debt balances might actually affect your score. As VantageScore explained, the percent of your available credit that you’d use is seen as a “highly influential” component that comes along when you calculate your credit score. If you carry a high balance on your cards, it might negatively impact your score.

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