Credit score drop
Hi Terry,
I listen to you often on WGN.
My question is (and I think I may know what to do) is that my credit score that I have worked extremely hard to increase over the past year-and-a-half has plummeted suddenly in December.
I don’t carry balance month-to-month. I pay them off. Spending has increased due to the holiday, but can increased spending drop my score 30 points? I signed up for Experian alerts after I refied our home. My score when I refinanced our home over a year-and-a-half ago was in the 600’s. I have worked to get it into the 760’s-780’s and now this drop. My goal was to have outstanding above 800 by June 2023. I probably should freeze on all three reporting agencies, which is what I think you will tell me. So, where do I or can I call the reporting agencies to see what happened in December? Is it possible that creditors did some hard inquiries that I may not be aware of? Is it difficult to get a hold of a real live person that can help at a credit reporting agency or do I need to go elsewhere to a peronal credit services company? I am happy to pay someone to help me out and guide me. I worked too hard for this. Please advise.
Terry Says
First, you should get and READ your credit report from each of the three bureaus. Typically I recommend spreading them out over the year, but in this case you should read them all at one time. Get them for free at www.AnnualCreditReport.com.
Look for any unusual inquiries, and any accounts you don’t recognize. While you’re there, freeze your credit if you’re not about to apply for a mortgage, insurance, new card, or job. Remember your PIN so you can unfreeze when necessary.
Then go to CreditKarma.com You’ll get regular notifications if you sign up — letting you know when your score changes and WHY. They’ll also give you helpful tips on improving your credit.
