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A sudden drop in your credit score can be a major shock. What’s worse, the reasons aren’t always clear. Why did your credit score drop? Is it a real risk? And what can you do about it?
Your FICO credit score is what lenders consider when they’re determining if they should give you a loan, and what rate you should get. However, some lenders may assign you an alternative credit rating, which they may calculate in a different way from your FICO score. When you’re considering if your credit score’s dropped, first double-check that it’s dropped at all!
Some common causes of your credit score dropping may be:
In all cases, small dips are usual and no cause for concern. Larger decreases are definitely worrisome, and you should look into boosting your credit score as soon as possible.
Unfortunately, there aren’t any quick ways to fix your credit score. Your FICO score is a measurement of your credit history over time, so it can only be built back up over time, and smaller dips will fix up more quickly than larger ones. Here are some simple ways to improve your score:
Another option: Hire help. If you’re looking for a company to help you improve your score, look for the best credit repair services. They can help you repair your credit repair journey and hold your hand along the way. Companies like Lexington Law Credit Repair, Sky Blue Credit Repair and Credit Saint will help you repair your credit so you can move on with your life.
Your credit score is one of the most precious things you have. If your score dips a little, don’t worry — but if it drops significantly, take the right steps ASAP to get back on track to financial health.