According to a recent survey, over 20% of people with credit cards think carrying a balance on their card (meaning you don’t pay it off in full each month) helps their credit score. That’s over 40 million Americans. Experts say NOPE! For the record, carrying a balance DOES NOT help your credit score in any way.

The confusion might come from the fact that having an open account DOES help your credit score.  But charging your latest shopping spree and carrying a balance doesn’t help at all.  So, don’t use your cards just because you think you need to in order to boost your score.  You’d actually be better off keeping your accounts open, but cutting your cards up and NEVER using them.