I promised my daughter that I would teach her about finance. Then I realized that I know very little about money and how it really works. My credit score for example, I don’t really know why it is important. I just know that it is for some reason. Why though? Could my current credit choices be costing me money?

I decided to start doing a little research. By “little” I mean that I Googled the topic on Forbes. It was there that I found my first pieces of the puzzle in an article titled 5 Costly Credit Score Myths written by Nick Clements.

“Here are five of the biggest, and costliest, myths.

1. I Need To Borrow Money To Get A Good Credit Score

Not a week goes by without someone asking me about this myth. And it just isn’t true.

You do need to have activity on your credit report in order to have a credit score.

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