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Credit rating.
kmhbaggy
Posts: 1 Newbie
Hi there. Over the past months I've been gradually paying bills and reducing my debt. However this month, for some reason my credit score went down 10 points. Why is this? Surely, it would go up with less debt I'm paying off right?
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Not sure but dont read too much in your score, focus on the history is correct since that is what lenders/banks etc see, your score is just seen by you.kmhbaggy said:Hi there. Over the past months I've been gradually paying bills and reducing my debt. However this month, for some reason my credit score went down 10 points. Why is this? Surely, it would go up with less debt I'm paying off right?0 -
Your score is a measure of change, not credit worthiness. It drops with the reduction - or increase - in debt.kmhbaggy said:Hi there. Over the past months I've been gradually paying bills and reducing my debt. However this month, for some reason my credit score went down 10 points. Why is this? Surely, it would go up with less debt I'm paying off right?
However, lenders now see you more positively as you're less indebted, which is much better than a CRA thinking you're a top banana.0
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