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I just can??t seem to get enough of these little things that pull one??s credit score down. Then again, I believe the old saying that goes forewarned is forearmed. There have been too many stories in which a person goes and applies for a loan only to be rejected without him understanding the reason behind it. Most of the time it is the credit score that is to be blamed. Before that happens, I??d rather know what things lower my credit score so that I can do something about it before I encounter a problem. Here are more credit score killers for you to think about: 1. Living at your current address for less than 3 years. This may sound stupid and unfair but it is nevertheless true. Lending institutions have this notion that the longer you stay at the same address, the more stable and reliable you are. They translate this into the ability to pay off your obligations. It does make sense when you think about it. So if I were you, avoid jumping from one apartment or house to another. 2. A New Job Another silly-sounding factor but lending institutions justify this as they would justify the current address criterion. The important thing to remember here is that lenders want to see continuity ?? stability. If you are new to your job, that doesn??t necessarily mean that your points are shaved off. The worst case scenario is having 3 jobs in the last 3 years, for example. Then that definitely will raise the red flags. Time and space forces me to pause here but have no fear, we will look into a couple more items for the next post.
Credit Scoring