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| *Loan,banking and credit>>>credit score |
Credit Score Drops? |
My credit score was updated this past week, and it dropped by 35 points. I pay my bills on time always, and I am in little debt. My question is, once I finish pay off my cards, will my score go back up, or it will stay at where it is now? Don't fret the day to day score, it can change several days a day if someone updates the report. Is your balance on one of the accounts now more than 1/2 the limit, that will cause a decrease that is taken care of withing another cycle? If you are looking at true credit you are wasting your money it does not represent you real FICO score in any sense of the word. It can be much higher as much as a hundred points or much lower thn your actual score. Good question. For your credit score to have dropped with about 35 points suddenly, then, something must have went wrong. The reason could be any of the following: too many enquiries, collection, new debts when old debt is still pending, delinquent account, or late fees. After paying off your debts, it is likely that your score would rise, but, just as I mentioned above, there are equally other reasons that could lower it. Stay away from those reasons and you would be okay! Please manage your credit responsibly and pay your bills on time (no late fee, or collection). If you do this, your credit score would continue to increase. Good luck! Derrick It should increase but not much. |
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