Reasons For Credit Score Dropping
What could lead to your credit scores dropping?
You are in credit repair so your score should only be going up, right?
Well, there are some cases where our client’s credit scores have dropped.
We know it’s not a hot topic to discuss, but it’s important that you know what can lead to your scores dropping so you can try to prevent it from happening to you.
We’ve created some content around 5 reasons that can cause your score to drop.
Reason # 1 – A new inquiry reported. Check your inquiry section of your credit report.
Reason # 2 – Your credit card balances reported higher than normal. Check to see if your credit card balances reported higher than they normally do.
Reason # 3 – A new collection account reported. Since you are on your path to improving your credit, debt collectors can be “haters” and sometimes get in the way because they think you are trying to get a mortgage or an auto loan and they want to get in the way so they can try to get paid.
Reason # 4 – A new late payment reported. Double check to make sure you pay all your open accounts like credit cards and auto loans on time and not 30 days late.
Reason # 5 – You were re-bucketed. You have made so much progress, you are now in a different group of consumers.
To learn more about these 5 reasons, we made a video for you to watch.
If you have any questions, please call, text, or email us!