• Prime Legacy Credit Repair

๐Ÿ˜ฑ๐Ÿ˜ฑ Why Did My Credit Scores Drop? ๐Ÿ˜ฑ๐Ÿ˜ฑ

Your credit scores are calculated using information in your credit reports, so itโ€™s normal to see your score change as lenders provide updates to that information. Your scores may drop due to some of the common reasons below.

Missed Payment Your payment history is one of the most important factors in your credit score. Missing even a single payment can have a significant impact on your score. If you missed a payment by accident, set up automatic payments if you can. This is an easy way to keep this important credit score factor in check.

High Balances If youโ€™ve made a big purchase and havenโ€™t paid it off yet, or you keep high balances on your credit cards, your score could be affected too. Ideally, you want to keep your credit utilization rate lower than 30%. Paying off your balances on time and in full each month is key to maintaining good credit health.

Derogatory Marks Missed payments arenโ€™t the only derogatory marks that can hurt your credit score. When foreclosures, bankruptcies and accounts in collections are reported, this negative information can also bring down your credit score. With some exceptions, most derogatory marks stay on your credit report for up to 7 years.

As you continue on your path to healthy credit, your credit score sometimes may go down for one reason or another. If you keep building your credit knowledge and develop good habits, you can achieve the credit score you want so you can access the opportunities you deserve.

1 view0 comments
Call Us

Toll Free: (833) 700-3436  

Office: (714) 494-6867

E-Mail Us
Connect with me on...
  • Facebook
  • Instagram
  • YouTube

ยฉ2020 Prime Legacy Credit Repair Services. All Rights Reserved.