Why Did My Credit Score Drop?
June 24, 2021 | Mason Roberts
You may be asking, "Why did my credit score drop?" You're wondering what happened, how it happened so quickly, and why you haven't been able to stop it. Meanwhile, banks reject your applications for loans and lines of credit because your scores are too low to qualify. So, what now?
You're in luck. There are ways to stop the bleeding and get the money you need in the meantime. Best of all, none of it is hard, and it works relatively fast. And this is what you need to know to use it.
Why Did My Credit Score Drop: The Top 3 Reasons
Knowing the answer to "Why did my credit score drop?" is a major advantage. It helps you prevent actions that might drop your scores even more, plus it can raise your ratings over time if you practice fiscal responsibility regularly. So, these are the top three things to avoid if you want high credit scores.
1. Applying for Multiple Lines of Credit
Did you know that having just one hard inquiry on your credit report can drop your score by as much as 15 points? Your inquiries tell creditors how thirsty you are for money. So, if you ask too many lenders for cash, it makes you look desperate and irresponsible.
2. Forgetting to Pay Your Bill on Time
Things can happen that prevent us from paying our bills on or before the due date, but creditors don't always care about your personal finances to offer extensions without extra fees. They also report your account's inactivity to the three major bureaus (Experian, Equifax, and TransUnion), which drops your score even more.
3. Having a High Debt-to-Income Ratio
You need credit to get credit, but having too much credit and not enough income may make your scores take a dive. Credits look at your overall rating and also consider your debt-to-income ratio when underwriting a loan. So, if you owe a lot more than you make each month, it doesn't look good.
DID YOU KNOW: The average person in the United States has a credit score of just over 700 points, but most of them have less than $3,000 in savings and only pay the minimum amount of loans and credit cards.
Why Did My Credit Score Drop So Low?
So, why did my credit score drop below the average? Chances are, you've been handling your money all wrong, and you've been doing it for a while. Seeking financial assistance is perfectly fine, but your technique matters more than you think. For the best results, always try to get loans that don't focus primarily on your credit rating for approval.
How Do I Get a Loan with a Low Credit Score?
Contrary to popular belief, you don't need a high credit score to get approved for instant cash. For example, you can get as much as $500 on the same day you send a request, but only if you go through the right lender and choose the right type of loan. Kentucky payday loans provide fast deposits despite your record with the credit reporting agencies, FYI.
How Do Kentucky Payday Loans Work?
The way Kentucky payday loans work is simple. The lender uses your upcoming paycheck as collateral for a lump sum of dough. You just present the information that's requested, let the representatives review it to determine the amount you qualify for, and get your cash the very same day. Then, you can use the cash immediately to pay for important expenses and emergencies that threaten your scores.
There's also no long line to wait in, and usually, no embarrassing rejection letters as long as you meet the basic requirements. Meanwhile, your repayment schedules are based on your rate of pay and/or budget, and you can even do start the whole process from the comfort of your own home.
FACT: You must be at least 18 years old to qualify for payday loans in KY.
How to Get Kentucky Payday Loans Today
Here's how to get the instant cash you need by the end of the day as a resident of Kentucky with a low credit rating:
1. Start the Process Online.
Fill out a short intake form on our website. Once you're in, you can complete the rest of the process in less than 30 minutes.
2. Wait for a Call from Our Representative.
They will confirm your information, guide you through the next step, and schedule an appointment with a store associate to review your paperwork.
3. Meet with a Store Associate to Provide the information required.
This is what you'll need to bring to get approved for up to $500 instantly:
- Your valid driver's license or a government-issued photo ID
- A blank check from an active checking account in your name
- Your most recent pay stub from work
4. Sign the Agreement and Get Your Cash
If the amount offered and the terms of agreement are satisfactory to you, sign a few documents and get your cash.
You ask, "Why did my credit score drop," and find out it's because of things you didn't even know you were doing. So, get financial help ASAP to prevent your scores from diving even lower. You can get fast payday loans online in Kentucky, pay off your immediate debts, and thus, take the initial steps to rebuilding your credit. Submit your inquiry today to find out how much cash you can get with Fast Payday Loans of Kentucky, LLC.