How Many Times Can Your Credit Score Change Each Year?
This segment of Credit FYI is brought to you by FreeScore.com.
Here's an email we get all the time. How many times can my credit score change each year? This is a really good question because not many people know. Only 33 percent of people recently polled understood that their credit score could change five or more times a year. The reality is, is that if you miss a single payment, that is going to immediately affect your credit score. And if you keep doing that month after month, each time it's going to affect your credit score. Even paying off and closing a long-standing credit account can affect your credit score. Yes, paying it off can have a positive impact, but closing it if it's long-standing, can shorten your credit history, and that can impact your credit score negatively. So the bottom line from Credit FYI: your credit score is constantly changing, so you should be constantly checking.
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Duration: 2 minutes
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