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.
You'll need to sign in or create an account to connect with an expert.
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.
The first thing you might want to do is check your credit reports (free from the site below) for inaccuracies.
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.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
OF77
New Member
Dawnbarajas
Level 1
Tamara603
New Member
ji1997
New Member
Dawn1315
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.