#CreditChat Recap ā April 23, 2025
This weekās #CreditChat with @Experian was all about separating fact from fiction when it comes to credit. So many myths floating around, especially online, can seriously hold people back from building strong credit and reaching financial goals. These conversations matter so much, especially during Financial Literacy Month.
Hereās a full recap of what I shared during the chat and what I want you to know if youāre ready to take control of your credit with confidence:
Q1: What are the most common sources of credit myths?
A1: The internet and social media. Just because someone posts something doesnāt make it accurate. Always check the source before you act on advice.
Q2: How do social media platforms contribute to the spread of credit myths, and what are some ways to counteract this misinformation?
A2: Social media is filled with opinions that sound like facts but often arenāt. What worked for one person may not work for everyone. The best way to fight that? Follow trusted experts and share correct information to help others stay informed.
Q3: What are some of the most harmful credit myths?
A3: One of the biggest myths is that thereās only one credit score. There are many scoring models, and assuming you have a 700 could backfire if a lender pulls a different version. You might lose the chance to improve your score before applying. Know what lenders use and stay proactive.
Q4: What credit myth often confuses even financially savvy people?
A4: I still hear people say that keeping your credit card balances at 30 percent is ideal. The truth is, you want to keep them under 10 percent to really protect and build your credit.
Q5: Whatās your favorite way to stay informed about your credit history?
A5: I recommend checking annualcreditreport.com regularly. When it comes to loans, I always use myfico.com so I can see the scores lenders are actually using.
Q6: What are real strategies to build credit instead of carrying a balance?
A6: Carrying a balance doesnāt help your scoreāyouāre just paying interest. I recommend making a payment three to five days before your statement closing date. That way, a lower balance is reported while still showing healthy activity.
Q7: How do credit myths affect younger consumers, and how can we guide them better?
A7: Younger people often donāt have any experience with credit. Without guidance, they might delay building credit, which can hurt them later. Start them with simple steps like a secured card or being an authorized user, and answer their questions early.
Q8: What about people who think avoiding credit protects them?
A8: If thereās no credit data, thereās no score. Avoiding credit doesnāt protect you, it just means youāre not building your financial future. Use credit wisely. I always say credit can save you money, not cost you, when used the right way.
Q9: What should people know about all the different credit scores?
A9: There are too many scoring models to keep track of them all. Focus on the habits that impact every scoreāpay on time, keep balances low, and use credit responsibly. Those actions matter across the board.
Q10: Whatās one piece of advice to help people avoid credit myths?
A10: Donāt be afraid of credit. Build healthy, consistent habits. Follow trusted experts and show up for conversations like this one. And if you want more, check out my podcast episode all about credit myths:
š§ Jeanne Kelly Talks Credit Myths on Credit Over Coffee
š¬ Final Thoughts
Thank you @Experian for hosting another amazing #CreditChat and having me on the panel. Iām always grateful to be part of these conversations.
This #CreditChat is a great way to stay informed and avoid falling for myths that can hold you back. Letās keep debunking and empowering.
