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These Personal Credit Facts Are As Mind-Blowing As They Are Useful

Unless you were raised by extremely finance-savvy parents, chances are you were pretty blindsided when you discovered just how important your personal credit is. With the help of, let's demystify some lesser-known facts about credit.

1. Canceling an older credit card could hurt your score

2. Prepaid credit cards do not improve your credit

3. Being an authorized user can boost your score with no extra effort

4. There's another type of credit score: UltraFICO™ Score

5. Late payments impact your credit report after 30 days

6. Credit checks on existing accounts count as soft inquiries

7. The only time you should close unused credit accounts is when they come with an annual fee

8. The ideal credit utilization ratio is 30% or less

9. Credit is not as scary as you think!

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Credit doesn't have to be confusing or intimidating. If you need help improving your credit, visit

All images courtesy of Getty.