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Question for the Money Doctors

Question submitted on Jun 6, 2011.

Question

in april-may my credit score was a 702. during the month of april i did 4 inquiries 3 for clothes store and 1 for citibank.in june i check my score it fell to a 505. i know its from the inquiries,but what procedure should i take to get it back into the 700''s?

Answer

Without having the actual credit reports to examine it is a bit harder to accurately understand what has transpired and what a satisfactory solution to raise your credit score could be.

 I'm not sure if you received a detailed copy or have just looked at the overall scores. First, get a DETAILED copy. There may be some misinformation that has been added recently (a few days ago) that caused the drop. Make sure ALL the detailed information is correct.Perhaps a payment was not posted properly, or was late, etc.

Make sure you pay all payments on time. Late payments will detract from your score. Timely payments will rebuild it.

Stop doing inquieies unless you are serious about opening an account and obtaining credit. Even innocent inquiries will cause a credit score to decline.

If you follow the steps you had taken to get the 700+ score you received you will be back there shortly.


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