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New Member

Credit Score Drop Help

I’ve been working diligently to raise my credit score and have missed 0 payments, opened 0 accounts, and have been consistently paying off more debt. Both of my credit cards are now paid in full, and I’ve begun paying extra principal on my car loan. I’d finally hit a score of 720, and was excited to see what it would jump to when both my cards registered as paid off. Last night my credit score dropped 27 points and I have no idea why. I recently (a month ago) applied for an apartment, but was approved. 27 still seems like a steep drop for a credit check, and at this point I’m worried about identity theft. How can I learn what cause my score to drop? I’ve been following all of the rules on TurboTax.

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Level 15

Credit Score Drop Help

Paying off debt (e.g., credit cards, loans) generally can create a scenario where your credit utilization ratio and credit mix changes which, in turn, can cause a (in some instances temporary) decrease in score.

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3 Replies
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Level 15

Credit Score Drop Help

The first thing you might want to do is check your credit reports (free from the site below) for inaccuracies.

 

https://www.annualcreditreport.com/index.action

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New Member

Credit Score Drop Help

Thank you! I just checked through one of them, and everything seemed to be in order. I’ll likely pull the other two this evening and look them over.

 

Any idea what else could’ve cause this? I’m genuinely clueless to what it could be- I haven’t missed any payments and have gone well out of my way to pay extra. I sincerely appreciate your help so far.

Highlighted
Level 15

Credit Score Drop Help

Paying off debt (e.g., credit cards, loans) generally can create a scenario where your credit utilization ratio and credit mix changes which, in turn, can cause a (in some instances temporary) decrease in score.

View solution in original post