Why the heck did my credit score go down?
I have no new credit, no balances on any cards, no new credit inquiries (hard hits), and I’m now completely out of debt.
There’s an error on my credit report though – it said that I had a 30-day late payment in May 2007 for a CitiFinancial credit card … even though I closed that account (and it’s listed as closed on the report) back in 2005. It’s odd. I haven’t even used that card since 2004. I’ll have to dispute it.
But did that one error really affect my score that much? I’m really angry. Not that I think I’ll need my credit score anytime soon … but what if this fall, I find a perfect little condo that I want to buy? What then? You never know when your credit score is going to come back and bite you in the butt. And I know my score is okay, but it just doesn’t make any sense at all. I’ve followed all the rules, and I was really hoping to get rewarded for all my hard work.
Hopefully once this blemish is corrected, my score will go back up. I’ll check again in 6 months.
Also, for those Canadians out there who want a way to check your credit score for free (I haven’t done this yet, but know that it works), please refer to a previous post I wrote last year, called Finally, a way to see your credit score for free.
Author: Krystal Yee
I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.