Even if you’re doing everything in your power to improve your credit score, you might find that it doesn’t appear to be getting any better. There are many reasons why a credit score might hit a plateau and not improve. Here are just a few.
- Negative aspect of your past coming back to haunt you. If you experienced a heavy financial hit on your credit in the past, like declaring bankruptcy or a foreclosure, you may still be haunted by the ghosts of that moment. Usually big moments like this take about seven years to wear off.
- High credit card balance. While making payments on time helps your credit score, having a large outstanding balance will ultimately drag you back down. The best thing to do is keep your revolving credit balance low.
- Your credit score has an error on it. It might not even be your fault that your score seems to be struggling to improve. Check your free annual credit report regularly to ensure that there’s nothing inconsistent or fishy going on.
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