Tactics for Improving Credit
The requested wording changes have been made in the attached spreadsheet to provide a more cohesive read on the tips.
- Additionally, we've fact checked the tips which were outlined in cells B3 and B4.
- With regard to cell B3, the question of "whether closing a credit card account hurts your score, with certain credit counselors adamantly stating that's a myth, though closing an installment line of credit can hurt your score" was further explored, Data from Experian confirms the theory in part by stating, "when you close an account, you lose the available credit limit on that account, which makes your utilization rate increase."
- In terms of the data provided in Row 4, yes, increasing the credit limit on established accounts would achieve the same overall goal (and that particular tactic is covered in Row 21) but this specific tactic was solely one created based on the average number of cards held by consumers.