Credit Score Takes A Big Hit

I advocate monitoring your credit report and credit score on a regular basis to track your score and check for errors. You can pay for this service from any number of providers, but I like to use CreditKarma.com. They give a pretty decent approximation of your credit score and the best part is that it’s free!

I logged in yesterday to check my score and it has fallen a whopping 100 points since the last time that I checked! Did I go on a spending spree? Nope but two things did change since the last time that I checked my score. One was that I added a new credit card which dropped the average age of my credit cards from 7 years down to 4 years. That’s not what affected my score so much though. The biggest cause for the drop is the tax judgment that I mentioned before from fighting against the state which now appears on my report. So, my credit score fell from almost 800 points down to just about 700 points.

Should I be worried? Probably. If I try to get a loan to pay of that damn lien, I might be rejected or if approved, the rate will be horrific. I’ll have to address this soon than later but I thought that I would share.

Join the newsletter

Subscribe to get our latest content by email.

We won't send you spam. Unsubscribe at any time. Powered by Seva
Related Posts Plugin for WordPress, Blogger...

2 thoughts on “Credit Score Takes A Big Hit

  • That just stinks. I love using CreditKarma, especially when my score shows growth. All I can say is hopefully when your tax problem is resolved your score will begin to climb again.

  • @ Little House, heard of Credit Karma but haven’t tried it out myself. Using Credit Notify and they send me an e-mail whenever they see any activity on my report, but I’m trying my best to boost my score however I can (ie. consolidating my debt, trying not to accrue anymore, paying the debt I do have down)

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.