One number that has a major impact on your life is your credit score. It’s composed of three numbers, and it helps determine several things, like what kind of apartment you can rent, discounts you can avail, interest rates, and approval for a fast loan Calgary Alberta. The goal is to keep your credit score up but sometimes it gets pulled down. Here’s why:
3 Reasons for a Credit Score Drop
- Numerous Hard Credit Inquiries: We sometimes apply for a loan at several lending companies. Each application results in a hard inquiry. While there’s no law against multiple applications, each inquiry pulls down your score. Simultaneous applications could result in a drop in your credit score.
- Missed or Late Payments: it’s not a good idea to pay late or miss a car pawn loan payment. Each delay will see your score slip. It will get worse if this happens on a regular basis. What’s more, lenders will see this blemish on your credit rating as a sign that you’re unreliable and financially unstable.
- Rising Debt: The balance on your existing debts rises every month you don’t pay them in full. This means your credit utilization also grows and this affects your credit score. Your debt is used to compute around 30% of your credit rating. It’s why debts should be kept at a manageable level.
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