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INCREASEMYCREDITSCORE.ORG

The best tried and true tips and hacks to increase your credit score fast!


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5 REASONS WHY YOUR CREDIT SCORE DROPPED – AND HOW TO FIX IT!

 * Post author By creditincrease
 * Post date March 9, 2023
 * No Comments on 5 Reasons Why Your Credit Score Dropped – And How to Fix It!

Having a good credit score is crucial for anyone who wants to access loans,
credit cards, or even a mortgage. Your credit score reflects your financial
responsibility and creditworthiness. However, sometimes your credit score may
drop suddenly, which can be frustrating and stressful. Here are five reasons why
your credit score may drop suddenly.


LATE OR MISSED PAYMENTS

One of the most common reasons why your credit score may drop suddenly is late
or missed payments. Payment history makes up 35% of your credit score, which
means that if you miss a payment, your score will drop significantly. Late
payments can stay on your credit report for up to seven years, and the longer
they stay, the more they will hurt your credit score. To avoid late or missed
payments, set up automatic payments or reminders to ensure that you pay your
bills on time.


HIGH CREDIT UTILIZATION

Another reason why your credit score may drop suddenly is high credit
utilization. Credit utilization is the amount of credit you use compared to the
total amount of credit available to you. If you have high credit card balances,
your credit utilization will be high, which can negatively impact your credit
score. Ideally, you should keep your credit utilization below 30%. If you have
high credit card balances, consider paying them off as soon as possible or
asking for a credit limit increase.




NEW CREDIT INQUIRIES

Every time you apply for new credit, such as a credit card or a loan, the lender
will make a hard inquiry on your credit report. Too many hard inquiries can
lower your credit score because they indicate that you are taking on more debt
than you can handle. Additionally, too many new accounts can also lower the
average age of your credit accounts, which can negatively impact your credit
score. To avoid unnecessary credit inquiries, only apply for credit when you
need it, and space out your applications.


CLOSING CREDIT ACCOUNTS

Closing credit accounts can also lower your credit score suddenly. When you
close a credit account, you are reducing the total amount of credit available to
you, which can increase your credit utilization and lower your credit score.
Additionally, closing old credit accounts can also lower the average age of your
credit accounts, which can negatively impact your credit score. If you want to
close a credit account, consider paying off the balance first and keeping the
account open to maintain your credit utilization and credit history.


IDENTITY THEFT

Finally, identity theft can also cause a sudden drop in your credit score. If
someone steals your identity and opens new credit accounts or makes fraudulent
purchases in your name, your credit score will suffer. To protect yourself from
identity theft, monitor your credit report regularly for any unauthorized
accounts or activity. You can also sign up for credit monitoring services or
freeze your credit to prevent anyone from opening new accounts in your name.

In conclusion, your credit score is a critical component of your financial
health. A sudden drop in your credit score can be stressful, but it is essential
to understand the reasons behind the drop and take steps to address them. By
avoiding late or missed payments, keeping your credit utilization low, spacing
out credit inquiries, keeping old credit accounts open, and protecting yourself
from identity theft, you can maintain a good credit score and achieve your
financial goals.


7 FAST AND FREE WAYS TO INCREASE YOUR CREDIT SCORE ASAP!

 * Post author By
 * Post date March 9, 2023
 * No Comments on 7 Fast and Free Ways to Increase Your Credit Score ASAP!

Are you tired of being denied for loans and credit cards because of your low
credit score? Want to reach the pinnacle of credit scores – 800 – and get access
to the best loan terms and credit offers? Well, you’re in luck! Here are some
fun and easy ways to increase your credit score to 800 fast and for free!



1. Pay Your Bills on Time – It’s simple, folks! Paying your bills on time is the
easiest and most effective way to improve your credit score. Late payments can
have a huge impact on your score, so set up automatic payments or set reminders
to ensure that you never miss a payment.







2. Keep Your Credit Utilization Low – Your credit utilization is the amount of
credit you’re using compared to your credit limit. Experts recommend keeping
your utilization rate below 30%. So if your credit limit is $10,000, you should
aim to keep your balance below $3,000. This shows lenders that you can
responsibly manage your credit and can help boost your score.



3. Check Your Credit Report for Errors – Sometimes, credit reports can have
errors that negatively affect your score. So, it’s essential to check your
credit report regularly for mistakes and dispute them with the credit bureau
immediately.



4. Become an Authorized User on Someone Else’s Credit Card – If you have a
trusted friend or family member with an excellent credit history, ask them to
add you as an authorized user on their credit card. This can help boost your
credit score because you’ll benefit from their good credit habits.



5. Keep Old Credit Accounts Open – The length of your credit history plays a
significant role in determining your credit score. So, it’s essential to keep
your old credit accounts open, especially if they have a long credit history.
Closing old accounts can negatively impact your score.



6. Use Credit Monitoring Apps – Many credit monitoring apps are available for
free, which can help you keep track of your credit score and report. Some apps
also provide tips on how to improve your credit score.



A great one to use is Self, learn more about them here: INCREASE YOUR CREDIT
SCORE WITH SELF



7. Be Patient – Improving your credit score takes time, so be patient and
consistent in your efforts. Avoid applying for too many new credit accounts at
once, as this can hurt your score.



In conclusion, increasing your credit score to 800 is achievable with some
patience and discipline. By following these fun and easy tips, you can improve
your score and get access to the best credit offers out there. So, get started
today, and let’s see that score skyrocket!

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