Debunking 5 Common Credit Score Myths That Many Home Buyers Believe
By: Scott Lehr | The Listing Team at RESF | March 16, 2025
Buying a home is one of life’s biggest financial steps — and your credit score plays a major role. Unfortunately, many home buyers believe outdated or flat-out wrong information about credit scores. Let’s set the record straight by debunking five of the most common myths.
1. Checking Your Credit Hurts Your Score
False. Checking your own credit is considered a soft inquiry and doesn’t affect your score. Only hard inquiries from lenders might cause a small, temporary dip.
2. You Need Perfect Credit to Buy a Home
Not true! Programs like FHA loans accept credit scores as low as 580. A good lender can help you find a mortgage that fits your situation — even with less-than-perfect credit.
3. Closing Old Accounts Helps Your Score
Actually, closing old accounts can hurt your score because it reduces your total available credit and shortens your credit history. It’s better to keep older accounts open when possible.
4. Paying Off Debt Instantly Fixes Everything
Paying down debt helps over time, but improvements aren’t instant. Credit scores reflect consistent, long-term behavior — not quick fixes.
5. Income Determines Your Credit Score
While your income affects your loan approval, it doesn’t directly impact your credit score. Lenders evaluate your payment history, balances, and utilization instead.
Final Thoughts
Understanding how credit really works empowers you to make smarter moves before buying a home. If you’re unsure where you stand, talk to a trusted mortgage professional or The Listing Team at RESF to get pre-qualified and prepare for your next move.
