One common misconception about credit scores is that checking your own credit score will lower it. In reality, when you check your own credit score, it's considered a "soft inquiry" and does not impact your score at all. On the other hand, "hard inquiries" from potential lenders can have a small, temporary impact on your score.

Another misconception is that carrying a small balance on your credit card will improve your credit score. This is not true. In fact, using a high percentage of your available credit can actually lower your score. It's better to pay off your credit card balance in full each month to demonstrate responsible credit management.

Additionally, some people believe that closing old accounts will help their credit score. However, closing old accounts can actually shorten your credit history, which may negatively impact your score. Keeping old accounts open and in good standing can help to demonstrate a longer credit history and improve your score.

It's important to be aware of these misconceptions and understand how credit scores actually work in order to make informed decisions about managing your credit.