Why Your CREDIT SCORE Went Down!

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Why Your CREDIT SCORE Went Down!

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Күн бұрын

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In today's video, how old discuss why your credit score went down! If you suddenly saw your credit score go down, make sure you watch his video to understand why it to prevent this from happening in the future! All my recommendations 👉🏾 bit.ly/naamwynn
It's pretty difficult to see your credit score go down especially you really don't know what just happened. In this video, I'll break down five key reasons some scores go down. So if you recently had a score dropped, make sure you watch this video to the end.
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#credit #creditcards #creditscore
DISCLAIMER:
This video is for entertainment purposes only. I am not a legal or financial expert or have any authority to give legal or financial advice. While all the information in this video is believed to be accurate at the time of its recording, realize this channel and its author makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing in this video.

Пікірлер: 90

@NaamWynn 3 жыл бұрын

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@johnnellterrelllyric8166 3 жыл бұрын

I’m convinced credit is a SCAM!!! They will drop your score for small BS….!!!

@hectorjuanquinones4937 Жыл бұрын

Agreed

@Spidermoney674 Жыл бұрын

No seriously!!!!

@intrinsiccinema7374 9 ай бұрын

I agree I paid my balanced to zero and my score drop 28 points I think they do it on purpose

@cluhbin6757 2 жыл бұрын

I'm 20 and was proud to have my credit over 700 and it just dropped to 685 I was like tf LOL

@Blue_Jay6 2 жыл бұрын

Literally same thing just happened to me. Did you figure out what might have happened to you?

@cluhbin6757 2 жыл бұрын

@@Blue_Jay6 Yeah so I made a somewhat large purchase on credit; a purchase of $1400. Now it has been 9 months since that purchase and my score went up 33 points after that 9th monthly payment. My fico score is now at 729 and my credit karma score is 737. Keep doing the right things such as: staying between 10-30% of your credit limit and of course paying everything (debt) off in a timely manner. If you continue to do this you'll be alright.

@cross8215 2 жыл бұрын

@@cluhbin6757 this doesn't make sense to me. I'm 22. Just got a credit card. I'm at 715. I got it bumped to 716. Now I'm down to 714. No late payments. I stayed under 25% utilization, paid off the balance so by the end statement it was below 10% utilization, but they still took 2 points away from me ?

@cluhbin6757 2 жыл бұрын

@@cross8215 Completely normal! Sometimes, even if you stay under 30% usage, changes in the utilization rate for example: if you used 15% one month and then 25% the next, your score may go down minor 2-6 points. However in the long run your credit will grow substantially.

@inotechsylhet2074 3 ай бұрын

That jump on the bed was epic 😂

@koreypaul6698 3 жыл бұрын

2:00 "I woke up one morning, checked my credit score as a normal person would..." - Me every morning 😅

@pedromiranda7346 2 жыл бұрын

Same 😂

@blackhawkjohn1 2 жыл бұрын

I put 100 dollars on a card, just so I can use it, and it won't get cancelled. The limit on the card is 8000, and my score dropped 5 points. Does that even make any sense? That's just 1% utilization, and I lost 5 points?? How is that possible?

@Sparrows587 Жыл бұрын

I haven’t looked at my credit score in a while. Like months… it was a 788 and dropped 55 points! Then another 12! Like what! Ugh.

@infinitelystoned5812 3 жыл бұрын

The whole credit scoring is bullshit.

@joymae 3 жыл бұрын

Mine went down everytime I had a credit score run

@NaamWynn 3 жыл бұрын

Hard inquires can do some damage.

@bitcoinforbeginners9667 3 жыл бұрын

I have tried so many credit repair companies that were supposed to fix my credit after i filed for divorce and all I did was spend a ton of money. Then I was referred to Credit Master Fix Group , Roy Brandon was extremely helpful and explained the whole credit program. If you do exactly what they tell you to do you will see a huge difference as it was such an amazing experience. My credit score went from 500 to over 800+. I recommend the credit repair services of ‘C r e d i t M a s t e r F i x . c o m’ and Team.

@dwill771 3 жыл бұрын

Same thing just happened to me! So frustrating.😡

@pas9742 3 жыл бұрын

Hi !!! Great topic this is what I need to learned more about this lesson ..I be like 🤦‍♀️ dang my credit scores is not where I want it to be but now I know .I always tracked my credit score to see where I am ...Thank you I learned as I go watching your KZfaq video..👍👍

@sshirlyvang 3 жыл бұрын

I paid off my credit card and left it open, but a month later, my credit score dropped 21 points! Will someone explain this to me??? I just want answers! :(

@elisaflores7080 3 жыл бұрын

omg I had pay pal bill me later for 10 years with a $9,000 credit limit ....they closed mine and never reopened it 🙄..... they said they had to give me another one

@oyedokunamos3792 3 жыл бұрын

I've always ignored any thing that had to do with building your credit until, things went from bad to worse. Little did I know that there were people who could understand and help you realise that there is always a second chance in life until I encountered this team of professionals. Awesome, patient, reliant, who looked beyond my shame and fears. Today, I feel proud to say I have at least a confident voice to let others know that it's never too late to accomplish your goals through these wonderful people. The Credit Master Fix Group raise my score to 800+ and erased all negatives in just a few days!! Words are inadequate to describe what you've helped me start and, the great work you do to elevate our lives. This is just the beginning of my story that will be shared with those that need you. Thank you and God bless you. Job well done.. [ C r e d i t M a s t e r f i x . c o m ]

@christiansanchez1578 Жыл бұрын

I been paying my payments advance all the time !!! And this payment just passed , I paid month advance but still went down and it doesn’t make sense

@WPGinterceptor460Interceptor 3 жыл бұрын

Differant creditors give differant scores!! one guy did a test and got 800+ from one, then 5 minutes later did another check and got 650 from another, then checked again from another creditor and got 540 lol.. then lastly the last creditor gave him an 811

@nogenre5792 Жыл бұрын

Depends on what loan or credit it is. Some use fico 8 apple and some others uses fico9 there’s also fico 2,4, and 5 with it’s on scores. Plus you got vantage 2.0 and 3.0 it just all depends on what your looking for and what credit bureau in scoring model is used

@Richardangelo84 3 жыл бұрын

This is why I refuse to sign up for any of these short term credit lines. I financed a couch from a furniture store and when I was done paying it, after inactivity it was closed.

@bitcoinforbeginners9667 3 жыл бұрын

@drewv5119 3 жыл бұрын

Keep the info coming, Naam!! Always appreciate your vids

@cupcakebabynurse3964 3 жыл бұрын

Thank you for sharing...and its ok....you are still doing greaT work

@mikeoxlong5304 Жыл бұрын

I make payments on time all the time and keep utilizing to a minimum and my score just goes down and down. Makes no sense at all. It’s all a scam

@Still_keem 3 жыл бұрын

I got approved for a loan and lost 40 pts ...

@bitcoinforbeginners9667 3 жыл бұрын

@joahdiax7695 3 жыл бұрын

Hey, Im new to credit building and I barely spend a lot of money on my credit card. But when I pay it off, it goes down even thought I pay it off asap. What am I doing wrong?

@johniskey3777 Жыл бұрын

Keep your utilization the same amount every month so be specific to how much u wanna spend every month every Time on the same credit card

@vicious-gaymer469 3 жыл бұрын

We still love ya Naam! 💙

@wrnowown Жыл бұрын

I have PayPal credit just made a payment and lost 29 points

@djbrandnewbrandnewsongs4083 3 жыл бұрын

Mine drop 29-point because I bought a new car

@littlejoefragrance760 3 жыл бұрын

I need help getting my score up. I went from 749 to 580 for paying my truck off!! Please help me get this back up. Thanks

@XxNickDoeexX 2 жыл бұрын

My equifax dropped 32 points yesterday went from a 642 to a 610 . My credit utilization is 4% and I have 100% on time payments

@intrinsiccinema7374 9 ай бұрын

I think they do this to keep people in the loop, I paid my balanced to zero and they drop it to 28 points

@franciscorojas8746 3 жыл бұрын

I had the same thing happen to me with PayPal in 2018

@oyedokunamos3792 3 жыл бұрын

@marythoj205 3 жыл бұрын

Hi Naam, would this also happen if opening a new checking account? My score just dropped 19 points for no reason but now I’m thinking it’s due to opening a new checking account. I don’t know what other reason it would be. I keep my CC below 30%, payments on time so I don’t know.

@nateSeries 3 жыл бұрын

Mine's just drop 21pts

@SiddyBoy 2 жыл бұрын

I am 19 and my credit score used to be 845 and it dropped by 21 last month and today it dropped by 20 . No fucking reason for it to happen

@yraceu 3 жыл бұрын

@naamwynn the really sad thing about credit scores if they drop for any reason that can be rectified it will never go back up the same amount it drops. That is seemly unfair and shows that its not a fair system.

@oyedokunamos3792 3 жыл бұрын

@IPSECMERLIN Merlin I've always ignored any thing that had to do with building your credit until, things went from bad to worse. Little did I know that there were people who could understand and help you realise that there is always a second chance in life until I encountered this team of professionals. Awesome, patient, reliant, who looked beyond my shame and fears. Today, I feel proud to say I have at least a confident voice to let others know that it's never too late to accomplish your goals through these wonderful people. The Credit Master Fix Group raise my score to 800+ and erased all negatives in just a few days!! Words are inadequate to describe what you've helped me start and, the great work you do to elevate our lives. This is just the beginning of my story that will be shared with those that need you. Thank you and God bless you. Job well done.. [ C r e d i t M a s t e r f i x . c o m ]

@Ajay-rb2dt 3 жыл бұрын

My credit drop 62 points I don’t know why I always pay earlier

@ibrokemyownheart4953 3 жыл бұрын

Just woke up and I dropped 17 for no reason lol, I literally did nothing so I guess that’s why it dropped

@ibrokemyownheart4953 3 жыл бұрын

Nvm I actually did use my card twice this month

@tasiward2996 3 жыл бұрын

Yeah, mine went down too. Thanks for the information, very helpful.

@oyedokunamos3792 3 жыл бұрын

@hongfoote4159 3 жыл бұрын

Thanks 👍🏻👍🏻👍🏻

@mr.martinez3516 3 жыл бұрын

What if I got a auto repo from capital loan?

@bitcoinforbeginners9667 3 жыл бұрын

@hectornieves2971 3 жыл бұрын

I received a response from the collection agency update stating and I quote " We are unable to respond to the attached letter from you because we are unable to identify the account record without further information " is this proof that I can legally have it removed? Those letter templates are awesome by the way. Thank you!

@koreypaul6698 3 жыл бұрын

Did you include the account or reference# cited on the collection letter they sent you or attached to the account?

@hectornieves2971 3 жыл бұрын

@@koreypaul6698 No. It wasn't required to send it with the Verification Letter I sent to the Collection Agency. It's there duty to verify all information, not ours.

@koreypaul6698 3 жыл бұрын

@@hectornieves2971 Right, but your asking them to verify an account. You should include the account that your asking them to verify. Adding the info they included in a letter sent to you isn't accepting the debt as yours. And they like to play games. Better to get it sorted out before it hits your credit report if it hasn't already...

@hectornieves2971 3 жыл бұрын

@@koreypaul6698 It did months ago apparently. I just never took the time to bother to check my credit score regularly until recently. I understand what you mean. Thank you.

@koreypaul6698 3 жыл бұрын

@@hectornieves2971 No problem man!

@kyleprevost3964 2 жыл бұрын

Has it gone back to normal now? I didn’t expect a 19 point drop applying for a new card, I’ve got 6 clean months on my first card credit builder with no late payments and keeping it within 5 percent Utilization, it should go back to normal fairly quickly right about 6 months? I had a 724 just went down to a 705, I applied for a rewards card now and got the ding, I needed something with a bigger credit line so it would be easier to keep in that 5 precent mark, so I went for the American Express Cobalt. Roughly what is the cobalt starting limit?

@trinabelt1580 2 жыл бұрын

@Naam Wynn, what if you have a couple department store cards that you rarely use, should I close them? I have 2 plus that PayPal credit line I never use along with 2 credit cards (1 I use, the other through my bank-never use) and 1 specifically for my car. My credit score was 810, now it’s 752😢. I’ve never been late on my only open acct although the balance is high…Please help, thank you

@Thebossman209 Жыл бұрын

So what do you lenders and things really want because my credit score went down from a dispute

@Thebossman209 Жыл бұрын

I’m not sure why it’s going down from dispute but I’m thinking about using my credit card only once a month and paying off that 1 transaction just to keep it alive is that a good idea?

@heartlessdevil583 3 жыл бұрын

By paying credit card bill before bill generation Will it allow me to exceed utilisation %?

@Ckkb897 3 жыл бұрын

I have a question boss.. my girl put me as an authorized user on her credit card .. two days after that i applied for my own chase credit card which i got approved .. if she removes me from her card will that affect my credit ?? I never had credit before this is my first time..

@alexmath8618 3 жыл бұрын

Mine when down with freaking child support 4 points

@aaronsmith5318 Жыл бұрын

I was at 770 now 739

@tracyb3198 3 жыл бұрын

Hello. Can you please answer this question. I do not have any late payments nothing derogatory on my credit on my Discover credit card I pay on time I wait for my statement to post I pay the balance off and make another charge on it I basically have a cycle that I follow. In May I payed the balance off but not in time for the statement to post an amount. Why did my points drop 21… account is 5 years old and I’ve never been late one time

@NaamWynn 3 жыл бұрын

It is most likely your credit utilization. You want to pay most of the balance off prior to the closing date. Any balance past the closing date will be reported to the credit bureau‘s, so this will factor in for credit usage.

@kgsriram 3 жыл бұрын

Naam, thanks for the video. just one question: How did you know why did the score went down? my credit score went down 25+ points in the last 2 months and am tearing my hair tracking the reason! The credit report is not giving me the exact reason!

@tracyb3198 3 жыл бұрын

Same with me. I only have discover and target and my discover is 5 years old. I’ve never been late on a payment in five years And I always keep a balance of like 5 to 8 dollars on it I pay it off I’ll let the statement post it and then I’ll make another charge and it’s the same cycle but it may I showed a zero balance and that’s it other than that I have no idea why it dropped 21 points and I’m furious because my report doesn’t show anything either

@tracyb3198 3 жыл бұрын

My utilization is 2% at the most

@elisaflores7080 3 жыл бұрын

omg mines too ..wth?