If you're purchasing your first house, looking to buy a car, it's very important to understand the factors that influence your credit report, according to FiLife. 

FiLife breaks down the common credit myths.   First myth: you can boost your credit score by closing credit cards you don't use.  If it's a credit card you've had for a long time, it's a bad idea to close it. The better option would be to keep it in a drawer but keep the card active by using it once a month.  The length of time the account has been open and the balance relating to the card's maximum limit factor into your credit rating. 

Second myth: Checking your credit report will lower your score.  Actually, checking your credit report does not affect your credit score and is better in the long run especially when making big purchases.  

Your age, race, gender, marital status, income, or where you live don't impact your credit score. In fact, it is illegal in the U.S. to discriminate based on race, age, color, nationality, religion, sex, or marital status on your credit report.

Myth three: If you negotiate with your credit card or mortgage company, your credit score will go down. As long as you're up-to-date with payments, it will not likely affect your scores and you can protect your score by extending the term of your loan or negotiating a reduction in interest rate as opposed to a reduction in principal.

Read the full article at FiLife by clicking here.