Summary
Think you know credit? Think again. 💡 From TikTok tips to Reddit threads, credit advice is everywhere—but not all of it is true. In this special Extra Credit series for Financial Literacy Month 2025, Possible’s Chief Credit Officer Ellen Falbo and legal and finance expert Daynor Carman are setting the record straight. We’re breaking down some of the biggest credit myths, showing you what actually impacts your credit score, and helping you understand your rights under the Fair Credit Reporting Act.
👉 Whether you're rebuilding credit, applying for your first loan, or just trying to get a better handle on how credit works, this series is for you.
🔍 What you’ll learn:
• Why a credit score isn’t just one number
• What actually moves your score
• How credit affects more than just borrowing
• And how to take control of your credit story
💥 Get ready for:
MYTHS, DEBUNKED • EXPERT INSIGHTS • CREDIT DIARIES
📲 Learn more and sign up for updates: https://possiblefinance.com/extracredit
#FinancialLiteracyMonth #CreditMyths #BuildCredit #CreditScoreTips #PossibleFinance #CreditEducation #MoneyTips #CreditFacts #KnowYourRights #FinancialWellness
Transcript
[ELLEN]
There’s a lot of myths out there about credit.
You can go on Reddit, you can go on TikTok—
you’ll get good financial advice,
and you will get very bad financial advice.
[ELLEN]
I’ve been in the consumer financial services industry for over 20 years…
and I’m going to try to pass along some of that knowledge to you.
[DAYNOR]
We want to dispel some credit myths and misconceptions that we hear in the industry.
[ELLEN]
When you think about your credit score,
you often think about a single number.
"My credit score is 640."
But that’s not really true.
[DAYNOR] The Fair Credit Reporting Act gives you rights. [DAYNOR]
Credit history impacts more than just getting a loan or taking credit—
it's important to many different areas of your life.
MYTHS, DEBUNKED • EXPERT INSIGHTS • CREDIT DIARIES
Extra Credit | Possible
Financial Literacy Month 2025
More in this series
Credit Invisibility: What It Means and How to Fix It
No credit score? You’re not alone. Ellen explains what it means to be “credit invisible” and how to start building credit—even without a loan.
https://youtube.com/shorts/u-z4_JU5a4Q
Credit Invisibility: What It Means and How to Fix It
No credit score? You’re not alone. Ellen explains what it means to be “credit invisible” and how to start building credit—even without a loan.
What Impacts Your Credit Score?
Your credit score can feel like a mystery—because in many ways, it is. In this quick breakdown, Legal & Finance Expert, Daynor, shares what really goes into your score, what improves it, what drags it down, and how to actually check it. Whether you’re just starting or trying to bounce back, this is info worth knowing.
https://youtube.com/shorts/IrYyZPueafA
What Impacts Your Credit Score?
Your credit score can feel like a mystery—because in many ways, it is. In this quick breakdown, Legal & Finance Expert, Daynor, shares what really goes into your score, what improves it, what drags it down, and how to actually check it. Whether you’re just starting or trying to bounce back, this is info worth knowing.
Does Taking Out a Loan Improve Your Credit?
Will taking out a loan help your credit? It might—but not always in the way you think. In this episode of Credit Diaries, Ellen Falbo, our Chief Credit Officer, breaks down what actually improves your credit—and why taking on debt you don’t need could end up costing more than it’s worth.
https://youtube.com/shorts/looJJF7RJIQ
Does Taking Out a Loan Improve Your Credit?
Will taking out a loan help your credit? It might—but not always in the way you think. In this episode of Credit Diaries, Ellen Falbo, our Chief Credit Officer, breaks down what actually improves your credit—and why taking on debt you don’t need could end up costing more than it’s worth.
How Credit Card Interest Works
How much does that $500 TV really cost? In this Extra Credit video, Chief Credit Officer Ellen Falbo walks through three common ways people pay off credit cards—and how interest can quietly double the price of everyday purchases.
https://youtube.com/shorts/xgA4_01dnOI
How Credit Card Interest Works
How much does that $500 TV really cost? In this Extra Credit video, Chief Credit Officer Ellen Falbo walks through three common ways people pay off credit cards—and how interest can quietly double the price of everyday purchases.
Avoid Credit Card Interest Using the Grace Period
Learn how to use credit cards without paying interest. Ellen explains the “grace period,” statement balances, and smart strategies to stay out of debt.
https://youtube.com/shorts/kWXJKlBmS1s
Avoid Credit Card Interest Using the Grace Period
Learn how to use credit cards without paying interest. Ellen explains the “grace period,” statement balances, and smart strategies to stay out of debt.
Do You Need to Carry a Balance to Build Credit?
You don’t need to carry a balance to build credit. In this quick myth-busting episode, Ellen Falbo, Chief Credit Officer at Possible, explains how credit utilization really works—and how to boost your score without paying interest.
https://youtube.com/shorts/Q9pSRu85bKs
Do You Need to Carry a Balance to Build Credit?
You don’t need to carry a balance to build credit. In this quick myth-busting episode, Ellen Falbo, Chief Credit Officer at Possible, explains how credit utilization really works—and how to boost your score without paying interest.
Fix Credit Report Errors and Dispute Inaccuracies
Learn how to fix credit report errors and dispute inaccurate information under the Fair Credit Reporting Act. Legal & Finance expert, Daynor, explains your rights and where to start.
https://youtube.com/shorts/AFev7O6_oi8
Fix Credit Report Errors and Dispute Inaccuracies
Learn how to fix credit report errors and dispute inaccurate information under the Fair Credit Reporting Act. Legal & Finance expert, Daynor, explains your rights and where to start.
A New Way To Think About Your Credit Score
Is your credit score 640 or 639? It might not matter as much as you think. In this episode of Credit Diaries , Ellen Falbo, our Chief Credit Officer, breaks down credit myths, scoring models and what actually counts for Sue, a Possible member since 2022.
https://youtube.com/shorts/emTlzS1nGJs
A New Way To Think About Your Credit Score
Is your credit score 640 or 639? It might not matter as much as you think. In this episode of Credit Diaries , Ellen Falbo, our Chief Credit Officer, breaks down credit myths, scoring models and what actually counts for Sue, a Possible member since 2022.
All products are subject to eligibility and approval by Possible Financial Inc. dba “Possible Finance” and “Possible” or its banking partner Coastal Community Bank. Eligibility for a product is not guaranteed.
For Loans, Possible Finance has direct lending licenses in AK, CA, HI, ID, UT and WA. Idaho Residents: License #RRL-10073; Louisiana Residents: License #1697898; Nevada License #CDTH11200; Ohio Residents: License #ST.760161.000; Washington License #530-CC/SL-111888. California Residents: Possible Finance is licensed by the Department of Financial Protection and Innovation, pursuant to the California Deferred Deposit Transaction Law, License #10DBO-105848.
Loans in AL, AR, AZ, DE, FL, IA, IN, KS, KY, LA, MI, MO, MS, MT, NC, NE, NH, NV, OH, OK, OR, RI, SC, TN, TX, VA, VT, and WY are made by Coastal Community Bank, and serviced by Possible Finance. Texas Residents: Possible Finance is a licensed Credit Access Business; License #1800061850-160823.
*Funding typically occurs within seconds; ACH transfers take 1-2 business days. Instant Delivery fee may apply in select states.
^Loan amounts & structure vary by state. Max amount not typical.
°Savings since 2017 includes fees Possible doesn't charge (e.g., NSF, rollover) plus reduced costs from customers borrowing less frequently than typical payday loan users, assuming customers would otherwise have faced industry-average fees and borrowing rates. Sources: internal data; state regulatory data; CFPB (Pub. No. 2023-9); Pew ("Payday Lending in America," 2013); CRL ("Down the Drain," 2025). Individual results may vary.
¨See possiblefinance.com/samplepaymentschedules for rates & terms examples.
ˇReal customer compensated. Results may vary.
˘Possible Loans offer up to 29 days of payment flexibility from original due date.
All trademarks and brand names are property of their respective owners. Use of them does not imply any affiliation with or endorsement by them.
If you have questions or concerns, please contact the Support Team at support.possiblefinance.com
Mailing Address: Possible Finance, PO Box 98686, Las Vegas, NV 89193
Possible Financial Inc. © 2026 - NMLS #1697898
All products are subject to eligibility and approval by Possible Financial Inc. dba “Possible Finance” and “Possible” or its banking partner Coastal Community Bank. Eligibility for a product is not guaranteed.
For Loans, Possible Finance has direct lending licenses in AK, CA, HI, ID, UT and WA. Idaho Residents: License #RRL-10073; Louisiana Residents: License #1697898; Nevada License #CDTH11200; Ohio Residents: License #ST.760161.000; Washington License #530-CC/SL-111888. California Residents: Possible Finance is licensed by the Department of Financial Protection and Innovation, pursuant to the California Deferred Deposit Transaction Law, License #10DBO-105848.
Loans in AL, AR, AZ, DE, FL, IA, IN, KS, KY, LA, MI, MO, MS, MT, NC, NE, NH, NV, OH, OK, OR, RI, SC, TN, TX, VA, VT, and WY are made by Coastal Community Bank, and serviced by Possible Finance. Texas Residents: Possible Finance is a licensed Credit Access Business; License #1800061850-160823.
*Funding typically occurs within seconds; ACH transfers take 1-2 business days. Instant Delivery fee may apply in select states.
^Loan amounts & structure vary by state. Max amount not typical.
°Savings since 2017 includes fees Possible doesn't charge (e.g., NSF, rollover) plus reduced costs from customers borrowing less frequently than typical payday loan users, assuming customers would otherwise have faced industry-average fees and borrowing rates. Sources: internal data; state regulatory data; CFPB (Pub. No. 2023-9); Pew ("Payday Lending in America," 2013); CRL ("Down the Drain," 2025). Individual results may vary.
¨See possiblefinance.com/samplepaymentschedules for rates & terms examples.
ˇReal customer compensated. Results may vary.
˘Possible Loans offer up to 29 days of payment flexibility from original due date.
All trademarks and brand names are property of their respective owners. Use of them does not imply any affiliation with or endorsement by them.
If you have questions or concerns, please contact the Support Team at support.possiblefinance.com
Mailing Address: Possible Finance, PO Box 98686, Las Vegas, NV 89193
Possible Financial Inc. © 2026 - NMLS #1697898
All products are subject to eligibility and approval by Possible Financial Inc. dba “Possible Finance” and “Possible” or its banking partner Coastal Community Bank. Eligibility for a product is not guaranteed.
For Loans, Possible Finance has direct lending licenses in AK, CA, HI, ID, UT and WA. Idaho Residents: License #RRL-10073; Louisiana Residents: License #1697898; Nevada License #CDTH11200; Ohio Residents: License #ST.760161.000; Washington License #530-CC/SL-111888. California Residents: Possible Finance is licensed by the Department of Financial Protection and Innovation, pursuant to the California Deferred Deposit Transaction Law, License #10DBO-105848.
Loans in AL, AR, AZ, DE, FL, IA, IN, KS, KY, LA, MI, MO, MS, MT, NC, NE, NH, NV, OH, OK, OR, RI, SC, TN, TX, VA, VT, and WY are made by Coastal Community Bank, and serviced by Possible Finance. Texas Residents: Possible Finance is a licensed Credit Access Business; License #1800061850-160823.
*Funding typically occurs within seconds; ACH transfers take 1-2 business days. Instant Delivery fee may apply in select states.
^Loan amounts & structure vary by state. Max amount not typical.
°Savings since 2017 includes fees Possible doesn't charge (e.g., NSF, rollover) plus reduced costs from customers borrowing less frequently than typical payday loan users, assuming customers would otherwise have faced industry-average fees and borrowing rates. Sources: internal data; state regulatory data; CFPB (Pub. No. 2023-9); Pew ("Payday Lending in America," 2013); CRL ("Down the Drain," 2025). Individual results may vary.
¨See possiblefinance.com/samplepaymentschedules for rates & terms examples.
ˇReal customer compensated. Results may vary.
˘Possible Loans offer up to 29 days of payment flexibility from original due date.
All trademarks and brand names are property of their respective owners. Use of them does not imply any affiliation with or endorsement by them.
If you have questions or concerns, please contact the Support Team at support.possiblefinance.com
Mailing Address: Possible Finance, PO Box 98686, Las Vegas, NV 89193
Possible Financial Inc. © 2026 - NMLS #1697898