Why Would My Credit Score Drop?
June 24, 2021 | Mason Roberts
Wondering why would my credit score drop? This can happen for a variety of reasons. This includes issues such as missing a payment or making a late payment, a recent application for a loan or a new credit card, filing for bankruptcy, and more. Understanding these factors can help you easily make sense of the answer to why would my credit score drop.
If you have ever taken a look at your credit scores and wondered how they are being figured, this article will help you understand. Scores can go up or down depending on things like how you utilize your credit and how you make your payments. Let’s have a deeper look into these factors and discuss how you can avoid late payments using title cash.
Factors That Might Be Behind A Decrease in Your Credit Score
Take a close look at your credit report. There are numerous things that may have to do something with a decrease in your credit score, so keep the following scenarios in mind if you are looking for an answer to why would my credit score drop:
You Missed A Payment or Made A Late Payment
When credit agencies rate you for the nature of doing business with you and considering you for a line of credit or a loan, the single most important factor on your credit report is usually going to be your payment history.
Companies use this as a way to establish how trustworthy one is when it comes to making their payments on time – if you have fallen behind on some payments, you will probably see it reflected as a lower credit score.
Have you recently found yourself asking why would my credit score drop? If so, take a close look at your payments history to make sure you didn’t fall behind or miss any payments.
You Recently Applied for A New Credit Card or A Loan
If you have recently applied for a new line of credit or a new credit card, the financial institution you are applying with will typically request a copy of your credit report so that they can determine whether to approve you for the line of credit or not. This generates what is known as a hard inquiry on your credit report, which could affect your credit score for at least two years.
Caught yourself asking why would my credit score drop? Take a look at the number of hard inquiries on your report to see if they are a contributing factor.
You Recently Filed for Bankruptcy
Filing for bankruptcy is a huge event in a person’s financial life. It is a legal process that is started by a borrower in order to find a little relief from debtors and payments. With that in mind, it is also one of the most damaging things that can be done to your credit score. The negative impact of filing for bankruptcy can last for several years depending on the kind of bankruptcy declared.
Wondering why would my credit score drop? If you have filed for bankruptcy in the last few years, this could be the culprit for a big decrease in your score.
Can I Still Get A Loan When I Need it?
As you are probably aware, it can become much harder for you to get your hands on the money you need through traditional banks when you have a bad credit score.
But while most traditional credit institutions and lenders might turn down your loan applications, you can opt for online lenders to find help.
Online lenders such as Idaho Title Loans, Inc. are typically much more open to working with all kinds of credit – good, bad, or no credit at all.
Online title loans no store visit required offered by Idaho Title Loans, Inc. allows you to get access to the cash you need at any time, no matter what your credit score is. All you need to do is to submit an online form to get the process started.
What Do I Need to Get A Title Loan?
The first thing you will need to do is to begin filling out the online form for applying for your title loan on Idaho Title Loans, Inc. You will be asked for information such as your name, contact details, make and model of your car, and a few more. Make sure to answer everything correctly to the best of your ability.
Make Sure You Have The Required Documentation
You will also want to make sure you have all of the required documentation on hand, this includes your driver’s license and a lien-free title to your vehicle.
Speak With The Loan Representative And Let Them Assess Your Documents
Once all the information is filled out and submitted, a loan representative will contact you to provide further instructions and schedule a meeting. They will need to inspect your vehicle and documents to make sure that you qualify. If you do, you can receive your cash the very same day.
Are Title Loans for Me?
Title loans can be a tool to utilize if you are dealing with a cash emergency and need money now. A title loan can be used for those unexpected emergencies that might come up in life, including:
- Home or vehicle repairs.
- Unexpected medical bills.
- Urgent travel expenses.
Get The Money You Need
As you can see, you aren’t out of options when you wonder why would my credit score drop. You can utilize title loans from Idaho Title Loans, Inc. to get your hands on the cash you need for any emergency you face in life so that you can handle the situation with confidence and have the funds you need.
Submit your online form today and receive your title loan before the end of the day.