Why did my credit score drop after paying off debt?
Many factors determine credit scores. Here’s what can bite into yours.
Shopping around with multiple lenders is truly the key to getting the best rate for your loan. Each lender will offer different incentives, perks and rates. When I was applying for a loan to get a car, I checked with a minimum of three lenders — including a credit union — to ensure I was getting the best rate for the long term.
— Hannah Smith
Hannah Smith is a Bankrate editor specializing in personal loans. They are meticulous in their approach to ensuring users can navigate the complexities of loans with the most up-to-date and accurate information.
Prior to joining the Bankrate team, Hannah was an editor for House Method where they edited and published over 400 articles aimed at helping readers make informed decisions on home renovations and services.
Hannah currently lives in Raleigh. When they are not editing, they enjoy walking with their dog, playing tabletop games and reading.
Shopping around with multiple lenders is truly the key to getting the best rate for your loan. Each lender will offer different incentives, perks and rates. When I was applying for a loan to get a car, I checked with a minimum of three lenders — including a credit union — to ensure I was getting the best rate for the long term.
— Hannah Smith
Many factors determine credit scores. Here’s what can bite into yours.
If you’re unemployed, some part-time work can reduce what benefits you collect.
A debt management plan shouldn’t prevent you from getting credit.
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The banking crisis has made lenders more conservative making it harder to secure affordable loans.
Look for origination fees, late fees and NSF fees when comparing bad credit loans.
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