Explain The Reasons Why Credit Score Fluctuates
The reasons your credit score fluctuates
Applying for a new credit
All credit cards have limits depending on how you use it. A new card may have a lower score. However, when you cancel all the past cards, it affects your score negatively. So, therefore, when applying for a new card, keep the limits in mind.
Payment history
You must repay your loans on time. Missed payments are recorded on your file for around seven years. So, therefore make sure you never miss the date of repayment of your debt. Set monthly reminders for them so that you do not forget to pay the instalment.
Credit card balances
Your credit card balance also influences your score. However, the balances on your card vary on a monthly basis depending on your utility. The less
Applying for a new credit
All credit cards have limits depending on how you use it. A new card may have a lower score. However, when you cancel all the past cards, it affects your score negatively. So, therefore, when applying for a new card, keep the limits in mind.
Payment history
You must repay your loans on time. Missed payments are recorded on your file for around seven years. So, therefore make sure you never miss the date of repayment of your debt. Set monthly reminders for them so that you do not forget to pay the instalment.
Credit card balances
Your credit card balance also influences your score. However, the balances on your card vary on a monthly basis depending on your utility. The less