My Credit Plan Blog

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My Credit Plan is the nation's leading FICO® Score improvement program with an average score improvement of 73 points! If you want to increase your FICO scores, set up an account today and start your credit score journey to higher levels! There is a minimal charge for services. My Credit Plan and its blog is operated by Family Financial Education Foundation, a 501 (c) (3) non-profit credit counseling agency. This blog offers many unique insights from direct research. My Credit Plan's blog and website are designed to help you find the correct answers to many of your questions, explain why, correct misinformation, and identify solutions to improve your FICO scores. Let’s go! (Information referenced on this blog must be sourced.)

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There are times when information is disseminated which is just simply not true. CNBC’s Alexandria White’s writes that closing your oldest credit card will not have a substantive impact to your FICO Scores. Let's take a closer look at her analysis and how closing your oldest credit card can impact your FICO® scores.

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Major business news outlets such as CNN Business, CNBC, and Fox Business are reporting that for many, your FICO® credit scores your lenders use are going to drop 20 points under the new FICO score calculation. This reporting is simply not true.