Plenty of myths about how to manage your credit card debt have been debunked throughout the years, but one seems to be more resilient than others. "The cockroach of credit scoring myths, the one that just will not seem to die, is that carrying a balance on your credit card helps boost your credit score," Matt Schulz, chief credit analyst at LendingTree, tells CNBC Make It. Your credit score is based on the following five factors:Payment history, 35%: How consistently you've made on-time payments toward your credit card bills and other loansHow consistently you've made on-time payments toward your credit card bills and other loans Amounts owed, 30%: How much you currently owe compared with your available credit, also known as your credit utilization ratio. How much you currently owe compared with your available credit, also known as your credit utilization ratio. New Credit, 10%: How recently or how often you've applied for new credit cards or other loansHow recently or how often you've applied for new credit cards or other loans Credit mix, 10%: The various types of debt you're managing, such as credit card debt, student loan debt or a mortgage.

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Persons: Matt Schulz, It's, Schulz, you've Organizations: CNBC