Your credit score can sometimes be hard to understand. Here are six common myths about your credit score that, once debunked, can help you better understand your credit score.

Myth #1: It is impossible to improve your credit score.

Truth: You can rebuild your credit score over time with good debt management. As you consistently make payments, lenders will notice the negative marks on your history less.

Myth #2: Checking your credit can hurt your score.

Truth: Pulling your own credit report doesn’t affect your credit score. In fact, regularly checking you report is good financial practice. However, if a lender pulls your credit report, it can lower your credit score.

Myth #3: Closing old accounts can boost your credit score.

Truth:  Closing an account lowers your available credit, which can raise to debt-to-credit ratio and lower your score.

Myth #4: Closing old accounts can shorten your credit history.

Truth: Accounts with no negative marks that are paid in full will remain on your report for 10 years after being closed.

Myth #5: Cosigning for a loan or credit card won’t affect your credit score.

Truth: You are just as responsible if the borrower misses a payment or exceeds the limit and your credit score will be penalized.

Myth #6: Paying cash is the best thing you can do for your credit score.

Truth: A good credit score means a sold credit history, which can’t be built or maintained by paying everything with cash.