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.

Best answer:

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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5 thoughts on “My credit score is decreasing, how can I fix it?”

  1. 13 inquiries to get a student loan?
    that is not a federal student loan then.
    you can have the worst credit in history and get a student loan.
    credit does not matter for federal student loans.

    the apartment did not hurt your credit, that’s a soft inquiry.
    leave credit 100% along for a while. do not apply for more credit cards.
    what college are you going for?
    get federal student loans instead.

  2. Don’t apply for any more credit. Hard inquiries remain on your credit reports for two years. The older the inquiry is, the less impact it has on your credit scores.

    There are only two ways to increase your scores, pay your bills and time.

    Good luck

  3. Take a deep breath and calm down.

    First, only inquiries due to a credit application are hard inquiries which ding you score a few points. Other inquiries are soft inquiries and do not impact your FICO score at all. Applying for multiple accounts within a short period will cause a bigger hit to your FICO score, but still not enough to panic over.

    Your score begins to rebound in 6 months and by 12 months the hard inquiry no longer impacts your score at all. They age off completely in 2 years. Hard inquired REALLY are not that big a deal.

    Second, if your credit history is only 10 months old, you barely have any score. You have to use a new credit card for at least 6 months before it even begins to count in your FICO score. I assume the student loans are 10 months — you really need a year to even think about checking your score. Good credit and scores are build over YEARS, not just a few months.

    Your scores dropped due to opening those two new credit cards. New accounts drop your score initially.

    But most importantly, you need to stop wasting your time and money on those worthless scores. Creditors use FICO scores. The only place consumers can get real FICO scores is MyFico.com — don’t bother buying FICO scores either since you really don’t have long enough history to bother.

    Third party monitoring services use Fakko scores. All three credit bureaus now sell consumers non-FICO scores that are on different scales. There is no comparing these and they are all worthless.

    CreditKarma.com offers a free score estimator based on your TransUnion report. it’s not FICO, but the TransRisk score is within 50 points or so. Good enough for your purposes.

    One more thing. Scores are only a very small part of any credit decision. What actually shows is much more important. Pay all our bills on time and check you credit reports annually for accuracy. Your score will take care of itself.

  4. This is where credit scores can be confusing. Yes, it’s good to have a higher score, but most institutions don’t look just at the number–they look at the loans you have out, and whether you’ve been good in repaying them. If your score is lower just because of inquiries, a smart loan officer will take that into account before deciding whether or not to extend you credit.

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