Here’s Why Your Credit Score Is Still In The Dumps

By BankBazaar | April 15, 2019

Can’t figure out why your Credit Score shows absolutely no signs of improving even in the slightest? Read on to find out!

So you’ve pulled up your credit report and you find that your Credit Score is almost exactly similar to what it was when you last checked it a couple of years ago. Now it’s entirely understandable that the sight of your stagnant Credit Score has you stroking your chin furiously as you try and figure out just what you’re doing wrong and where it all went pear-shaped.

Well, you could either dismiss it completely because you’re perfect and you’re sure this is all a gigantic conspiracy by the credit agencies to dampen the awesomeness of your true Credit Score, or you could be smart about it and get to the bottom of why your Credit Score has been moving at a snail’s pace even after all this time.

Luckily for you, we’ve put together a list of all the possible reasons why your Credit Score has shown no signs of improving. So, you can put your magnifying glass away and take a gander at what we’ve come up. You may find something in here that strikes a nerve!

Additional Reading: Sure Ways To Become A Credit Score Guru

Your Balancing Act Is Terrible

Relax! We don’t mean you’re bad at walking on a tightrope between two buildings while juggling a bunch of bowling pins. We’re talking about your Credit Card balances. If you’re the kind of person that swipes your Credit Card without a care in the world, then that’s probably a huge reason why your Credit Score is going nowhere fast.

Ideally, you should be using only 30% of your total credit limit because once you cross that threshold you’re in choppy waters. Coincidentally, 30% of your Credit Score is based upon how responsibly you use your Credit Card.

Even if you use far more than 30% of your total credit limit, make sure you try and pay off as much of the outstanding amount as you can on your Credit Card before the monthly due date and continue to make regular payments every month in order to get your Credit Score up and moving.

Trust us! It’s a whole lot simpler than getting up on that tightrope.

Additional Reading: How To Maintain A Low Credit Utilisation Ratio

Your Past Continues To Haunt You

Don’t worry! We didn’t spot your ex skulking about outside your window in the dead of night while you were counting sheep. What we’re trying to tell you is that you need to delve into your financial past and figure out if there’s anything amiss.

It may be possible that you missed a few Personal Loan, Home Loan or Car Loan payments along the away or you conveniently ‘forgot’ to pay a few Credit Card bills. Well, you better think long and hard because your credit history accounts for a whopping 35% of your Credit Score.

Keep in mind that defaults like the ones mentioned above could show up on your credit report for up to seven years, which as you would agree is a long, long time. The only way to atone for your past is by becoming responsible with your finances as quickly as possible. However, this may take a while, so be patient.

Remember, every journey begins with a single step so stick that on your fridge along with all the other philosophical quotes you’ve printed out over the years.

Additional Reading: Credit Score Facts You Didn’t Know

Something May Be Amiss

Ok, so you’ve combed through your financial past and haven’t found anything out of the ordinary. But there may be something else that may be tugging at your Credit Score, keeping it rooted to its spot.

Similar to the gravitational pull of a black hole, there may be certain factors that you haven’t taken into consideration that may be affecting your Credit Score. Maybe you’ve applied for credit one too many times or you’ve held other lines of credit but only for a short while before closing them.

You have to keep in mind that applying for too many loans or Credit Cards in a short span of time brings down your Credit Score while keeping old lines of credit open for a substantial period without closing them can have a positive effect on your Credit Score.

Also, go through your credit report thoroughly to see if you can spot any errors. Errors in your report could have a bearing on your score no matter how minuscule the error may be, so make sure you intimate the relevant credit agency without hesitation.

Additional Reading: 4 Extremely Simple Ways To Ace Your Credit Score

If you’re face-palming yourself because some of these reasons look familiar to you, it’s time to get yourself an ice-pack and start working on improving your Credit Score on the double. After all, a journey begins with a single… ah, you get the drift!

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Category: Credit score UCN

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