Dear Quentin, I am 74 years old and I take great pride in my FICO score. My late husband always instilled in me that your credit score is your best friend. I can walk into a car dealership with an 850 score and walk out with a new car.
Recently, my credit score fell by 150 points. When I questioned Experian as to why, I was told, “Your credit cards are very high each month.” I pay off my credit cards every month. I have only ever paid a late credit-card charge once, and that was the week my husband died, when I had a lot more on my mind than paying bills.Experian also asked me why some months my credit-card bills far outweigh my income.
People who spend up to or close to their limit often, though not always, are struggling to pay for groceries, rent, school and all the other day-to-day expenses that prevent people from saving for that dream home or building an emergency fund. Inflation is easing, but the prices of some food items are up by as much as 36% year over year, and wage growth has failed to catch up with runaway inflation over the past several months.