Reasons Why Credit Scores Decreases

Have you tried checking your credit scores only to find out that it suddenly went down without you anticipating it? If yes, relax and do not be alarmed because credit scores always change. Once your credit scores decrease, there are several reasons why it happened, and here are some of them: 

There’s wrong information on your credit report 

When there’s inaccuracy in your report, it can be caused by a lender who accidentally reports the wrong details. Moreover, it can be an indication that you’ve become a victim of identity fraud. When you think that you have something in your report that’s inaccurate, you have to dispute the information right away with all 3 credit bureaus. 

You closed a credit card 

If you are considering to close a credit card that you’re not using, you might need to think twice. You should be aware that closing a credit card won’t just grow your utilization ratio, however, it can also minimize your credit history’s length and both of them can really affect your FICO® Score. 

One of your credit limits was reduced 

Just like how maxing out your credit card, you can negatively affect your credit scores and boost your credit utilization ratio if you lower your credit limit. It doesn’t matter if you have shrinking credit limits or you have an increasing balance. What’s important is to pay attention to your credit utilization ratio since it will help you know better about your changing credit score.  

You made a big purchase using a credit card 

 Your credit score can possibly drop easily if you max out your credit card just to purchase a fancy appliance or any large purchase. Depending on the limit that your credit card has, making a major purchase can boost your credit utilization ratio, which is the second of the most vital factor as you calculate your credit scores. If this is increased, it could display to your lenders that you’re not eligible to take on new debt or you’re overextended.  

You just applied for a new credit card, loan or mortgage 

Every time you apply for a new line of credit, the lenders would usually ask for a copy of your credit history to assess your creditworthiness. Every time you consent someone aside from yourself, like lenders, to inspect your credit history, a hard inquiry will be noted of your credit report. As a result, this can possibly impact your score for beyond 2 years.  

You have missed or late payments 

When it comes to your credit score, the most essential part would be your payment history since it accounts for 35 percent of your credit scoring model known as FICO® Score. Even one missed or late payment can affect your credit scores negatively. Because of this, it is really vital to guarantee that you’ll stick to make your payments on the dot. 

If you have any of these problems when it comes to your credit card, do not be afraid because we are here for you as we provide quality Phila Credit Repair services. Contact us to know more. 


Things Business Owners Should Do to Make Your Commercial Property Winter-Proof

Winter storms and cold temperatures can extremely harm commercial properties, which can possibly lead to expensive repairs, reduced property value, or probable disruption of tenant business.  Regardless of your vacant properties have to be winterized well to secure your investment and make sure that its roofing has a qualifying condition for showings. If you want to know some tips about winterization if a commercial property, this article is for you: 

When you have a parking lot in your commercial place, you can prevent accidents and increase vehicle traction in advance by making sure that it is clear of sprinkle salt, snow, or some material on it. Having a safe and clear parking lot is way more enticing to potential tenants and customers.  

Make sure your gutters are cleaned, free of debris and leaves, which might have fallen during the autumn seasons. Clogged gutters could result in water pooling on your roof and this can eventually lead to expensive water damage and leaks.  

Keep your heaters in low setting even if your property does not have tenants at all. During the winter season, you might cause your pipes to break and freeze when you leave your heater off. Remember that the expenses of fixing broken pipes are way costly compared to the small heating bill during the winter season. 

Inspect your roof and guarantee that there’s no issue at all. Usually, winter storms can cause some damage to your roofing like loosening shingles or tiles. When your shingles get damaged or loose, it could lead to leaks, which can result in extreme property damage such as mold damage, which could be a major risk for the human condition.  When your commercial property has any roof damage, make sure to reach out to a commercial roof repair provider right away.  

Check your property regularly. Determining damage as soon as possible can let you fix it before it gets worse and be more costly. Being on good terms with your neighbors can assist you since they can alert and call you whether damage takes place.  

Switch off your irrigation systems. When you have sprinkles on your property, then you have to winterize them well to guarantee that it will not be damaged in the winter season. This can be possible by draining the water’s irrigation system and shut down the control box until the arrival of the spring season.  

Remove drafts. If your doors and windows have gaps, it enables cold air to get into your property during the winter season, which increases your tenant’s heating bills or yours when you use your commercial property. Thankfully, you have helped remove gaps that can waste energy by sealing gaps and ensuring that all of your exterior windows and doors have weather caulking and stripping.   

If you want general construction services such as kitchen and bathroom remodeling, flooring installation, or roof repair, just click and you will find great general contractors who are experts when it comes to their fields. Contact us now!