So I consider myself pretty savvy on personal finance, credit, budgeting, and so forth. You guys have read my blog, I’m pretty knowledgeable about most things having to do with personal finance and if I don’t know something, I research the crap out of it until I’m a master. But I recently read a statistic that made me go, “Seriously?!” Did you guys know that 70 percent of credit scores fluctuate by as much as 20 points in a 90-day period? Yup. According to VantageScore, the company who owns the credit rating product offered by the three major credit bureaus Equifax, Experian, and TransUnion, that’s what’s up. Hang on to your credit cards, consumers, while you read the following article by the Press of Atlantic City:
“Managing money wisely: It’s something that everyone is told to do from an early age. From putting pennies in the piggy bank to classroom instruction in how to balance a check book, the message is to spend and save thoughtfully. However, in the real world, those lessons often fall by the wayside due to crunched schedules, unexpected expenses and simple forgetfulness.
However, the way you handle – or mishandle – your money from day to day will have an impact on your credit score.
While many people only see their credit scores with their free annual check, a recent white paper by credit score model company VantageScore Solutions points out that roughly 70 percent of credit scores fluctuate by as much as 20 points in a 90-day period. Whether it goes up or down depends on your behaviors.”
Click here to read about some common, everyday activities that can be, unbeknownst to you, dragging down your score.
Now, if you’re really into this stuff, you can also take the 20-question Credit Score Quiz (included in the article) to find out how up on your credit knowledge you are. It’s a largely productive thing to do with 5 minutes of spare time… unlike scrolling down, down, and down the Facebook news feed C’mon, you know you want to!