Your credit score is a critical factor that banks and other financial institutions use to decide whether to give you a loan or credit card. While it is important to know the things that help you build a good credit score, you must also know the things that could hurt your credit score.
No one wants to have closed accounts, like a student loan, appearing on any credit report. These types of listings can have a negative impact on your credit score. If it was in collections at any time, it might stay on your credit report for 7 years.
Your credit score may decrease if your credit report has any suspicious activity or you are a victim of identity theft. Make sure to report any suspicious activity to your banks, lenders, and credit bureaus.