Credit score facts vs. myths

Source: Michelle Singletary, Washington Post (Paid Registration)

1. Myth: You need to carry a balance to boost your credit score.

If you pay your debt in full and on time, you can have excellent credit. Lenders want to see that you use credit responsibly, not that you carry a balance.

2. Fact: Medical debt under $500 should no longer be in your credit report.

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