Did your credit scores drop for no apparent reason? Use these wise tips to boost your scores quickly, so an unexpected credit score dip doesn’t hurt your finances.
This is by far the worst and most serious reason you could see your credit scores plummet. If a thief steals your personal information and takes out a loan or gets a credit card in your name, he or she isn’t likely to pay the bill.
Having late payments or accounts in collections are serious red flags that you haven’t been dependable and that you may not repay debts with regularity or at all.
The second most important credit score factor is how much debt you owe and your credit utilization.
Using a smaller percentage of your available credit on revolving accounts (such as credit cards and lines of credit) boosts your scores.