7 Credit Misconceptions and Myths Debunked


3. Best way to improve credit is to pay off accounts and close them

It’s true that one of the fastest ways to get your credit score up is to pay off all the debt you have. This will bump up your credit utilization ratio – which uses a percentage to tell how much available credit you have available. While paying off all the debt is a good idea, you don’t have to close all your accounts.