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| *Loan,banking and credit>>>credit score |
What can cause my credit score to drop 10 points? |
My credit score is still high, but I am curious to why it dropped. How is credit score detemined? Can having to many accounts lower your score? Applying for 2 credit cards would drop your score 10 points. If you want to learn all about what goes into your credit score. I'd suggest reading over the pamphlet from the website below. It's from Fair Isaac corp (the company that invented the FICO score) and it tells exactly how they come up with their numbers. I hope that helps. Source(s): http://www.fairisaac.com/nr/rdonlyres/da... Yes to your question of accounts. Also credit cards, each card will contibute to lowering your score, even if you have not used them. 10 points? By any chance did you recently apply for credit such as loan, credit card, cell phone contract, any financing etc? If so, these are called inquiries which each one docking from 8-15 points usually. If not, this is what will affect you score: 35%: payment history 30%: amounts owed 15%: credit history 10%: new credit 10%: types of credit used Your score dropped by 10 points, because you requested a credit report or you gave permission to someone else to download a copy of your credit report OR a business/person reported something about you on your credit report. Credit reports are determined by your occupation, how much you earn, how well [or not-so-well] you pay [or don鈥檛 pay] your bills ahead-of-time, on-time, late or not at all. There are other factors. I suggest you write a 鈥渟nail mail鈥?letters to the credit reporting agencies, requesting a brochure on their criteria and how you can protect your credit rating OR how you can improve your credit rating. Thank you for asking your question. I enjoyed taking the time to answer your question. You did a great job - not only for your information, but for every other person interested in reading my answer. I wish you well! VTY, Ron B. A little common sense. A little more 鈥渟treet sense鈥? |
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