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Q: I am thinking about ordering another credit report from a paid service, but I’m not sure if any factors would have caused my score to change since I last checked it? What should I do?
A: A credit score changes each time a person’s credit report changes. In other words, each time you open a new credit card account or take out a loan, your score is going to change because your credit history is going to reflect those additions.
Your credit score will also change for negative entries. These can include late payments, loan defaults, and more serious things as bankruptcy, wage garnishment, or other serious financial situations.
The best way to keep your credit score from going up and down like the lines on an EKG monitor is to not open new accounts one after the other. Open only a few accounts and space them out over a year. Lenders do pay attention to how many open accounts are showing on a credit report, and may deny a loan simply for this reason, no matter what your credit score itself may be.
Another way to keep your credit score from fluctuating, especially in a downward manner, is to protect your credit. Make payments on time, and pay as much as you can, especially on credit cards and other installment loans. Spend wisely and don’t over-extend yourself. It takes a long time for negative entries on a credit history to cease having an effect on your credit score.