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I read this recently and I thought I should share it with you guys.  There are many myths when it comes to credit cards and how your credit score gets affected.  One of them is that you should always close old credit card accounts.  Well, that is not true because closing an account actually leaves you with less available credit but doesn't reduce your outstanding balances,which can hurt your score instead.  Another one is that as an authorized user on my parent's credit cards, you will inherit their credit history.  Unfortunately, not anymore, because the Fair Isaac is changing its FICO score formula to ignore authorized-user accounts.  Then, the myth that closing an account with a negative history will help my score is not true since your score includes both open and closed accounts.  Negative information can stay on your record for up to seven years.  Lastly, you might think that only your loans and credit accounts affect your score. However, even unpaid parking tickets or library fines can be sent to collection. A debt in collection is consiedered seriously delinquent and could drop your score by 100 points.

Well, we hope this was very informative.

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