Credit Scores: Don't Sweat Small Dips.
RECENTLY, MY CREDIT SCORE DROPPED from “exceptional” to “very good.” I had put a security freeze on all of my credit reports and closed out an auto loan. Did either action cause my score to drop?
J.B., COLGATE, WIS.
No. A credit freeze doesn’t hurt your credit score; it just prohibits new lenders from accessing your credit report, which can help protect you from identity theft. And paying off an auto loan doesn’t cause a score to drop—although it’s unlikely to help much, either, because installment debt has a minimal impact on your score, says credit expert John Ulzheimer.
This story is from the September 2018 edition of Kiplinger's Personal Finance.
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This story is from the September 2018 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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