Exactly why did my credit score head to 100 points and How to shield
A credit score can affect your daily life in two ways
If your FICO score is high then the possibility is you will get the approval of your mortgage or credit card easily having a much-reduced interest rate. Your lifestyle became so easy. You will get the independence of credit and enjoy lifestyle as per your wish. However , there is another possibility of just the opposite of this if your credit rating is not good. Now fit why did my credit score drop? There is a lot of reason behind it, next we will talk about things that affect your credit score and how you can protect your rating from decreasing from time to time.
In case your FICO score is reduced then the door to your joy is close all around your world is only getting smaller daily. You will never get your dream home, even not in your lifetime. It also restricts you to entry a product or services provided by the bank or other finance institutions.
why did my credit score drop? Top 10 factors
Don’t take opportunity, these few things that affect your credit score badly. Avoiding these types of mistakes can put you way ahead of the game and might help you to improve your credit score over time. You should aware of the following stuff that affect your credit score
- Your FICO score factors
- Associated with late payment on your rating
- How does collection affect your score
- Collections can be taken out
- When Charge off enjoy the game
- Hard inquires may affect your Score
- Spend your bill on time
- Keep your “old” credit Cards
- Pay off your own high Interest and “New” Credit Accounts First
You should be well conscious of these factors to Protect your own FICO score
Your own FICO score can be split up into few major factors like payment history (35%), Financial debt Burden (30%), Length of Background (15%), Types of Credit (10%), and Recent Credit Lookups (10%). I will discuss how these factors affect your credit score.