1873 Search Results
1873 Search Results
https://www.sofi.com/learn/content/why-did-my-credit-score-drop-40-points-after-paying-off-debt/
It may come as a surprise, but sometimes your credit score drops after you pay off a loan or credit card debt. This happens because paying off debt can impact several factors that make up your credit score. For example, it might change your credit mix, shorten your credit history, or impact your credit utilization […]
https://www.sofi.com/learn/content/why-did-my-credit-score-drop-40-points-for-no-reason/
A minor drop in your credit score — like the less-than-five-point drop you’ll temporarily encounter after a hard inquiry when applying for credit — is nothing to sweat in the long term. But a 40-point drop is more worrisome. Are you asking yourself, “Why did my credit score drop 40 points after paying off debt,” […]
https://www.sofi.com/learn/content/why-did-my-credit-score-drop-10-points-for-no-reason/
Whether you’re getting your ducks in a row to buy a house, trying to secure a lower interest rate on a future auto loan, or simply monitoring your credit as a personal finance best practice (good on you!), even a small dip in your credit score can make your stomach drop. The good news: In […]
https://www.sofi.com/learn/content/does-balance-transfer-affect-credit-score/
A balance transfer can affect your credit score either positively or negatively — though the upsides are likely to outweigh any adverse effects in the long-term if you manage the balance transfer responsibly. Typically, applying for a new line of credit triggers a hard credit inquiry, which temporarily lowers your credit score by five points […]
https://www.sofi.com/learn/content/how-credit-utilization-affects-credit-scores/
The lower your credit utilization — meaning the less of your total available credit you’re using — the higher your credit score could be. Typically, the rule of thumb is to use no more than 30% of your credit limit on your credit cards, and using only 10% or less is considered even better. Here’s […]
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