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Personal Finance 4w
My credit score dropped even though I paid my balance early & haven’t been utilizing it. Can someone explain this? Is it because my utilization rate is low? I don’t ever use it I’m just focused on paying it off
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Anonymous 4w

There are so many factors that have dumb effects on your credit score. If you are a newer user, your low credit history will keep your score low, if you use more than a certain percentage of your credit limit that will also lower your score. With some platforms, the more you check your score it lowers your score…

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Anonymous 4w

If you opened a new bank account like a savings or a checking that could affect it

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Anonymous 4w

also not sure what bank you use but on chase it says what affects ur credit from a high impact to low impact so you can check thatv

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Anonymous 3w

Yeah, there’s a sweet spot. Too much or too little and it’s a problem, that said, utilization issues are a month by month score. Other elements like missing a bill payment are lasting impacts.

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Anonymous replying to -> #1 4w

I’ve opened a TFSA recently

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Anonymous replying to -> OP 4w

it was probably that but as the months go by the account gets older shooting you back up

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Anonymous replying to -> #2 4w

I have been checking my score frequently & on the app it says to check it once a year so I’ll stop doing it often

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