Did you know that it’s fairly common to experience a drop in your score? There are various factors that make your score fluctuate, and it’s important is to understand which of these have impacted your score so that you can take action.
While taking out credit and using it responsibly can improve your credit score in the long run, you may see a drop in your score after you’ve applied for credit. This is because a hard search, or a hard enquiry, has been conducted on your credit report to assess your creditworthiness.
To slowly increase your score again, be sure to keep your account payments up-to-date and your credit card balances low. You should also avoid making too many credit applications in a short space of time, as this presents you as a risk to lenders.
The best way to understand why your score is changing is to log in to ClearScore and check your credit report. On there we list your credit insights, detailing the factors that may be affecting your score.
