New Delhi, Feb. 21 -- It is important to understand and know about credit scores. So that one is financially healthy in India. Still, there are a few myths when it comes to credit scores which will end up costing you money. This write up is dedicated towards putting to rest some myths about how credit score can cost you money.

One of the most common myths is that: Looking at your credit score will hurt your score. The truth is that an inquiry into your own credit score is a "soft inquiry" and will not negatively affect your score. Hard inquiries by lenders when you acquire new credit, however, will lower your score slightly. It is important for you to understand this clearly.

There is a myth that paying off old credit accounts is good f...