Six credit score myths debunked by expert ‘Nobody has one static credit score

‘Better salary and more savings equals a better credit score’ – false

Good salaries and savings bear no impact on a credit score, Mr Selvem said.

He explained: “While your income and savings are considered when determining your ability to pay back the amount of money you will borrow, they have no influence at all on your credit score.

‘If you’ve never borrowed, you’ll get the best deals’ – false

Another common misconception online is that those who’ve never borrowed will get better deals and credit opportunities. However, Mr Selvem has also confirmed this is false.

He said: “If you’ve never borrowed, you’re actually more likely to be rejected for the credit cards, mortgages and loans with the best deals, as there’s no way for a lender to see that you’ll be able to make your payments successfully.

‘Repaying your credit cards in full lowers your credit score’ – false

Repaying credit cards in full can actually increase a credit score.

Mr Selvem said: “Repaying your credit card statement balance in full each month is a great financial move and may, in fact, increase your credit score.

“By paying down your balance, you can lower your credit utilisation, which is better for your credit score.”