Which is the least effective strategy for improving your credit score?

Putting more money into your savings account is the least effective strategy for improving your credit score because credit scores primarily reflect how you manage credit and debt rather than your savings balance. Credit scores are influenced by factors such as your payment history, credit utilization, length of credit history, types of credit used, and recent credit inquiries. While having savings is important for overall financial health, it doesn't directly impact credit reporting agencies that calculate your credit score.

In contrast, strategies such as reducing outstanding debt, making timely payments, and increasing your income have a more direct and positive effect on credit scores. Reducing debt decreases your credit utilization ratio, which is a significant factor in determining your score. Making timely payments ensures your payment history is favorable, which constitutes the largest portion of your credit score. And while increasing your income doesn’t directly affect your credit score, it can help you manage debts more effectively, which can indirectly improve your credit score over time.