My credit score is decreasing, how can I fix it?
Question by Shells: My credit score is decreasing, how can I fix it?
Credit Advice Needed
My credit score is starting to decrease because of inquires
I’m a college student and very new to credit
I have a two new inquires to my credit and my transunion and equifax score have decreased by 25 points my other credit scores such as Vantage have decreased by up to 40 points
So now I have a total of 15 inquires
13 of the 15 were made before I even received a credit card when I had to apply for student loans
& out of the recent two one of them I had no knowledge of
it was made by a student apartment company I’m signed with
I’m really not sure why they ran a hard inquiry because most students don’t have credit and when we sign leases everything is paid in cash and we have to give contacts of a person usually a parent who would be responsible to pay rent if we ever failed to do so and it would be counted on their credit
I need advice on how to stop my credit score from decreasing especially since I’m about to start the loan process for college again
Which means new accounts opening “installment loans” and new inquires a process which I think is pretty unavoidable since I have to self support myself through college
The only other thing that is counting against my credit is the age of my history which is only 10 months old with 4 months of revolving credit I don’t think there’s much I can do about that besides wait.
Answer by Roy
Pay your bills on time.
If you have missed payments, get current and stay current.
Be aware that paying off a collection account will not remove it from your credit report.
It will stay on your report for seven years.
Pay off debt.
Get a credit card, make payments on time.
Rent to own, make payments on time.
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