Submitted by cantankerous_alexa t3_11jzhcz in personalfinance
I'm presenting on credit 101 tonight to a group of women in early recovery. I'll hit on the basics - the bureaus, the things that affect your score the most (on-time payment, utilization, age of accounts, etc.), how to contact collection agencies, etc. I want to include a section on common credit myths, but for some reason, I can't think of anything other than one: you have to carry a balance to build credit (false).
What are some other myths (preferably with the correct explanation) that you would include?
Anything else you would include?