Building Your Credit
 min read

Busting Credit Score Myths: Your Guide to the Truth

Tom Davies
VP Marketing

There’s a lot of ‘fake news’ floating around about credit scores, but now it’s time to part the clouds of confusion and shine a light on those pesky credit score myths that come up far too often. They've had us all scratching our heads, but we're here to sort the fact from the fiction.

#1: Checking Your Credit Score Damages It

This one comes up a lot, but it’s simply not true. When you check your credit score, it's called a "soft inquiry" which doesn't affect your score at all. Feel free to check as often as you like - it's a healthy financial habit!

#2: You Have One Universal Credit Score

In fact, you don’t just have one credit score. Different lenders might use different credit reference agencies (Experian, Equifax, or TransUnion), each of which could provide a slightly different score. So, it's not uncommon to have differing scores.

#3: Earning More Means a Higher Credit Score

Income isn't factored into your credit score at all. It's about how you manage your credit, not how much you earn. So, it's good financial management, not your hefty paycheck, that leads to a gleaming credit score.

#4: Closing Old Accounts Boosts Your Credit Score

Quite the opposite! Older accounts show you have a longer history of managing credit, which can be a positive. Closing accounts might reduce the total credit available to you, potentially increasing your credit utilisation ratio and negatively impacting your score.

#5: There's a Quick Fix for Bad Credit

There's no magic wand to wave for immediate credit score improvement, it's a gradual process. Building a good credit score involves making consistent, on-time payments and reducing your overall level of debt.

#6: Credit Scores and Credit Reports are the Same

Although they are related, they aren't the same thing. Your credit report is a detailed record of your credit history, while your credit score is a numerical value based on that history.

There you have it! Myths, debunked and truths, revealed. Remember, knowledge is power – the more you understand about your credit score, the better equipped you are to improve it. Want more? Explore our site for additional tips, guides, and tools to improve your credit score and financial well-being. Happy credit score building!

Apply for a Yonder Credit Card Today

Find out if you’re eligible for a Yonder credit card by clicking the ‘see if I’m eligible’ button at the top of the page. We’ll ask a few simple questions to find out about your current circumstances, then we’ll be able to let you know if you’re eligible or not.

Build a credit history and earn points to use on things that you love to do!

Tom Davies
VP Marketing

Becoming a Yonder member could 


your credit rating

Check you’re eligible before applying
You can see if you’re eligible without affecting your credit score. If you continue, we’ll carry out a full credit check.
Borrow what you can afford
When you use a credit card, you need to pay off your balance at the end of the month. Only spend what you can afford to repay.
Improve your credit over time
Making your monthly payment on time could help improve your credit rating. Just like missing a payment can impact it.

See if you’re eligible

No impact on your credit score
Takes less than 60 seconds
Check my eligibility
By continuing, you agree to our App Terms & Privacy Policy
Nearly there, {Name}

You’re eligible for Yonder membership!

Finish your application and get your card