Why & When Did My Credit Score Change

If you’ve ever checked your credit score, you know that it can change a lot from month to month. Sometimes your score can even go down for no apparent reason. So what’s going on? Why did my credit score change? And most importantly, when will it go back up? In this useful fix my credit article, we’ll explore the reasons why your credit score may have changed and offer some advice on how to improve your credit rating. We’ll also give you a timeline for when you can expect your credit score to return to its previous level. Read on for more!

Your credit score is calculated at a point in time and will change each time new information is added to your credit report. There is no set frequency with which your credit report is updated. Your consumer credit report may be updated monthly, every time account repayment history information such as if you have paid a credit card, or other personal credit, on time is added. If it has not been paid on time this will also be recorded.

Your credit score may shift for a number of reasons, even if you don’t do anything different, such as regular updates to the credit reports that are used to calculate your scores, progress paying off loans and simply the passage of time.

Although you may not be using your credit any differently, there are a number of external influences that can impact your score. You may better understand how your scores change over time by understanding these changing forces. For instance: reduced total debt, reduced borrowing capacity, paid-off instalment account, a negative event has passed, the passage of time and suspicious activity

There are many reasons why your credit score may go up or down, from taking out a loan to simply using your credit card regularly. If you want to keep tabs on your score and report, it can help you understand the normal fluctuations that occur with all credits scores. You may also want to take steps to boost your credit score if it starts to drop.

If you are struggling with a low credit score, Clear Credit Solutions can help. We offer our clients a range of services to improve their credit rating and give them the best possible chance of obtaining finance. Services such as removing bad credit, such as defaults, court judgements and fraudulent enquiries can go a long way in repairing your credit file.

By improving your credit score, you will be able to access better interest rates and terms on any finance that you may need in the future. So if your thinking that you need to fix your credit, then get in contact with us today and find out we can help you do just that!