LIVE VIDEO: WUSA 9 at 6am    Watch  Bust Credit Score Myths To
Save You Money  8:06 AM, Jun 27, 2012   |    comments   • Share
• Print   • - A A A +  A recent study finds a lot of people
don't understand how a credit score works. What makes it go
down, what makes it go up and why it all matters anyway. Among
many findings, the Consumer Federation of America says two-
thirds of people surveyed didn't know how costly a low credit
score can be. And boy, can it cost you. Score low and the higher
interest rates you'll pay on loans and credit cards can cost you
thousands of dollars more every year. So how do you earn a high
score? Don't buy into these myths.  Credit Score Myth #1:
CANCELING CREDIT CARDS OR MOVING ALL OF YOUR DEBT ONTO ONE CARD
WILL BOOST YOUR SCORE. Financial education expert Gerri Walsh
at FINRA says "if you're cancelling all your credit cards, that
can hurt you because some of the other factors that go into a
credit score include the ratio of credit you have available
compared with the amount th