Closing Accounts Can Hurt Your Credit Score

The credit score agencies look at the difference between your available credit and what you're using. Closing accounts causes your total available credit to shrink, making your balances appear larger in relation to your overall credit, which typically hurts your score.

The credit bureaus also track the length of your credit history. Closing older accounts can also make your credit history appear shorter than it actually is, which can penalize your score.

Checking Your Credit Reports Will Damage Your Credit Score

This is incorrect. The Credit Bureaus are able to differentiate between when you check your report and when potential lenders are checking your report. You are not penalized for checking your own credit report, but you may be penalized when many lenders check your credit report within a period of time.

Paying-off Your Debt Will Quickly Improve Your Credit Score

Credit reports are histories of payments, not just a picture of your current financial position. As we all learn in time, it can be very hard to change the past.

Credit Scores are Locked for Six Months

The Credit Bureau's models are dynamic, meaning that your credit score changes as soon as data on your credit report change. In other words, your credit score is calculated by powerful computer programs with each lender request.