Like child-rearing and curing ailments, credit building is chock-full of old wives' tales that don't pan out. Smart financial moves such as closing accounts or paying off loans early may not be the credit boosters you think they are.

Sadly, there are no real quick fixes despite what some commercials or online credit repair ads might proclaim. The key to increasing your credit score is good payment behavior along with time and a healthy mix of credit types.

To help you sort the fact from the fiction, Bankrate tackles some long-held, but bogus beliefs that won't help you build better credit.