Quick Note: We love helping you get behind the wheel, but please remember: we’re car experts, not financial attorneys. This info is to help you learn, but your results may vary! [See full disclaimer below].
Welcome to Week 4 of our year-long credit journey! By now, you know what credit is, what the "Credit Pie" looks like, and how to spot errors on your report. But there is still a lot of "noise" out there.
If you go on social media or talk to your neighbor over the fence, you’ll hear all sorts of advice about credit. Some of it was true twenty years ago, and some of it was never true at all. Today, we are going to bust the top 5 myths that keep people from getting the car they need.
Myth #1: "Checking my own credit will lower my score."
The Reality: This is the most common fear we hear at the dealership, and it is 100% false. When you check your own score (on an app like Experian or a site like AnnualCreditReport.com.), it is called a "Soft Inquiry." Soft inquiries have zero impact on your score. In fact, in 2026, the experts recommend checking your own credit frequently to guard against identity theft and catch errors early.
Sole Saver Fact: Only a "Hard Inquiry"—which happens when a lender checks your credit for a loan application—can nudge your score down, and even then, it’s usually only by a few points.
Myth #2: "Closing an old credit card will help my score."
The Reality: People often think, "If I close this card I don't use, I'll have less debt and my score will go up." Actually, the opposite is true.
Remember the "Credit Pie" from Week 2? 15% of your score is based on how long your accounts have been open. If you close your oldest card, you are effectively "erasing" years of your financial history. Additionally, closing a card reduces your total available credit, which can make your Credit Utilization (the 30% slice) look much higher.
The Fix: If the card doesn't have an annual fee, keep it open! Use it once every six months for a small purchase (like a pack of gum) and pay it off immediately just to keep the account active.
Myth #3: "I need a perfect 700 score to get a car loan."
The Reality: While a score of 700+ is great, it’s not the only way to get a car.
In 2026, lenders have become much more flexible. At Sole Savers, we look at your entire financial story. We look at your job stability, your income, and your residency. We’ve helped plenty of people with NO SCORES or scores in the 300s and 500s get into reliable, high-quality vehicles.
A lower score might mean a slightly higher interest rate, but it doesn't mean a "No."
Myth #4: "Paying off a collection makes it disappear from my report."
The Reality: This is a frustrating one. If you pay off an old debt that went to collections, the status will change to "Paid Collection," but the "mark" itself usually stays on your report for 7 years from the date of the first delinquency.
The Strategy: Paying it is still better than leaving it unpaid (because it shows you take responsibility), but don't expect your score to jump 100 points the next day. The real "boost" comes as that collection gets older and carries less weight.
Myth #5: "Buying a car with cash is always the best move."
The Reality: Cash is great, but it doesn't help your future.
If you spend every cent of your savings to buy a car outright, you have no "safety net" for repairs, and you aren't building any credit. Taking out a manageable auto loan and paying it on time every month is one of the fastest ways to rebuild a damaged credit score. By the time you finish that car loan, your score could be high enough to buy a home or get a much lower rate on your next car.
Your Goal for This Week
Look at your credit report again (from your Week 3 homework). Was there an account you were planning to close? Was there a collection you were about to pay in full without a plan?
Knowledge is power, and now that you know the truth behind these myths, you’re already ahead of 90% of other car shoppers.
Next Week: We’re starting Month 2: The Action Phase. We’ll show you the "30-Day Boost"—the quickest ways to see a jump in your score before you head to the dealership.
Disclaimer: Sole Savers Auto Sales is a motor vehicle dealership, not a credit repair organization, tax advisor, or legal firm. The information provided in this 52-week series is for educational and informational purposes only and does not constitute legal, financial, or professional advice. Credit scores are impacted by numerous factors, and results from the strategies discussed may vary based on individual credit profiles. We do not guarantee any specific increase in credit scores or loan approvals. For specific advice regarding your financial situation, please consult with a certified financial planner or a qualified legal professional