When you're trying to raise your credit score, you'll undoubtedly be the recipient of a lot of advice and tips for raising it quickly.

But more than 20 percent of people incorrectly believe that having a balance on your credit card(s) is a good thing, according to USA Today.

That's 1 in 5 people who believe and perpetuate this common credit score myth.

USA Today reports "Payment history, amounts owed, length of credit history, credit mix and new credit are the only facets rating companies consider when determining credit scores."

Creditcards.com reports that millennials are the most likely to carry a balance, with 28 percent of younger credit card users maintaining an ongoing balance.

Creditcards.com analyst Matt Schultz told USA Today this is likely a “function of inexperience and lack of financial education over the course of their lives."

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