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Blaming your credit score for high loan rates and credit card fees. Thinking your score is the key to your financial success or the omen of your financial ruin. Well, you may be partially right. According to recent reports, there is a real misunderstanding on how lending works.

For example if you get a credit card with a low teaser rate for balance transfers (yeah, we see fewer of these offers nowadays), if you transfer the balance of your higher rate credit cards to new one you will notice that new purchases on the new card still at a higher rate. Credit Card borrowers keep making purchases on the new card assuming that the rate is still the same low interest rate for the balance transfer.