This document discusses misconceptions about credit scores and provides tips for improving your credit score. It notes that there are many myths about what affects your credit and sets out to clarify the truth. Some of the misconceptions discussed include things like closing unused credit cards and opening new accounts to increase available credit. The document then gives recommendations for improving your credit score, such as making on-time payments, keeping balances low on credit cards, and not opening lots of new accounts too rapidly. It also provides tips for using credit responsibly as a student, such as only applying for cards you need.

1. Credit Scoreand YOUBy Chioma Phillips

2. Misconceptions about credit scoresThere are a wide variety of myths floating around about what you should and shouldn’t do to improve your credit reports and credit scores . The buck stops here. These urban legends provide you with the truth about credit.

3. Misconception #1

4. Misconception #2

5. Misconception #3

6. Misconception #4

7. Misconception #5\

8. How to improve your credit score

9. ContinuedMake the most of the length of your credit history- Don't open a lot of new accounts too rapidly. New accounts will lower your average account age, which will have a larger effect on your score if you don't have a lot of other credit information. Lower your amounts owed - Keep your balances low on credit cards and other revolving credit; Pay off debt rather than moving it around; Don't close unused credit cards as a short-term strategy to raise your score; Don't open new credit cards you don't need, just to increase your available credit. Improve your payment history-Improve your payment history ; If you have missed payments, get current and stay current; Contact your creditors or a legitimate credit counselor if you're having trouble making ends meet

10. Tips for using credit responsibly as a studentIf you want to use credit responsibly, there are some things you can do to develop good habits with regard to your credit:

11. Even though credit can be your friend; the only true way to master it is to be financially responsible.

12. REFERENCECurry, P. (2004, January 28). Smart Spending- Tips for Boosting your Credit Score. Retrieved August 6, 2010, from Bankrate.com: http://www.bankrate.com/finance/credit-debt/tips-for-boosting-your-credit-score-1.aspxHaverkamp, K. (2009, September 28). Myth and Misconceptions about credit Scores. Retrieved from Mortagageloan.com: http://www.mortgageloan.com/myths-and-misconceptions-about-credit-scores-3495How to use your credit reponsibly. (n.d.). Retrieved August 6, 2010, from Collegestudentcreditcard.com: http://www.collegestudentcreditcard.com/articles9.htmlTop 5 Misconceptions about credit. (2004, MAY 8). Retrieved August 6, 2010, from YoungMoney.com: http://www.youngmoney.com/credit_debt/credit_reports/credit-report-myths/