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Why did my credit score go down?

4 reasons why your credit score went down.

Our finances are of utmost importance. Understanding them is the best way to make sure we do not end up with crippling debt.

There are four main reasons why your credit score goes down.

  • The most important aspect of your credit score is your payment history, which makes up the majority of your overall score. It's important to make sure you are never late or miss any payments because even one late payment can negatively affect your score.
  • You may think that closing a credit card that you no longer use will help, since it removes the temptation of using the card again. When you close a credit card its history is removed from your credit report (after 12 to 24 months) which can decrease your score. Since having a longer credit history accounts for a large percentage of your score, it's wise to keep the card open especially if this is your only credit card. If you have more than one credit card, consider keeping one open but unused and closing the rest.If you are regularly maxing out your credit cards for large purchases, it can be bad news for your credit score. Credit scores are important because they help determine just how much access to credit you have.
  • When you apply for new credit, lenders check your credit score to determine if you are a responsible lender. Every time someone other than yourself checks your credit report, it is seen as a hard enquiry. The more times your report gets checked, the more likely your score will drop. If you check your own report it is seen as a soft enquiry and should not affect your credit score. You can see all enquiries on your credit report under the “enquiries” section.
  • If your credit limit is decreased it either means you have maxed out your credit or that you are battling to make payments, this is bad for your credit score. If done too often, it can hurt your credit score because potential lenders will think you are facing insolvency. This may take years to fix itself if done badly enough.

Make sure you pay your instalments on time and your credit score should remain within the positive range. If you have any questions about your credit score, contact Credit Health.


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