Personal-finance site Bankrate.com debunks 11 common myths about credit reports. Here’s an example: "Canceling credit cards boosts my score."
Open accounts spells available, potential debt, so better to close them, runs the legend. But experts agree that most creditors want to see at least two or three pieces of active credit to prove you can manage debt responsibly.
Other myths include paying someone to fix or repair your credit: The best you can hope for is to clear up errors, the article says. It’s interesting stuff, especially if you’re trying to overcome a bad credit history. โ Rick Broida
11 credit report myths [Bankrate.com via Dumb Little Man]
From Lifehacker