As all of us continue to shop for Christmas using our credit cards, we need to be careful when it comes to paying off our cards and keeping our credit score in check. I was listening to the radio when the John Tesh radio show came on and he often discusses finances. The topic of the evening was “Common Myths About Credit Scores.” I thought it would be important to share this time of year. Some of the tips also come from the website Wallet Pop.

Myth #1: My credit score only changes once a year.

There are three credit agencies – Trans-Union, Equifax and Experian. These agencies recalculate your score each time that you apply for a new loan or sign up for a credit card. It’s a good idea to get copies of your credit report from each company once per year.

Myth #2: One missed payment won’t hurt my score.

Paying your bills on time is one of the most important factors in determining your credit score. One late payment and your score decreases.

Myth #3: Checking your score too often will lower it.

I know I’ve heard this one before and wondered if it was true or not. You can actually check your score as often as you like with no problems. Your own credit is considered a “soft inquiry” so it doesn’t affect your history.

Myth #4: Carrying no debt is the best way to boost my score.

According to the banks, they consider higher risk people to be those with no credit cards and no loans. Those who use their credit cards responsibly are seen as positive.

Myth #5: My score will be fine as long as my debt never exceeds 30 percent of my income.

Actually, credit bureaus don’t keep track of your salary. How much you make doesn’t factor into your credit score. They just want you to pay your debt off in time.

What’s the best credit score to have? You want to try and have at least a score of 740 to get the best loans, credit cards and interest rates. Go ahead and shop, but make sure your pay on time when that bill arrives.