Hi my score dropped 47 points and I cannot find a reason why. I make my payments on time and have not applied for a new loan or line of credit. Why such a big drop?
Get your free credit reports from the site at the link below and review them for any inaccuracies first. You should be able to determine why your score dropped from the information in the reports.
Whether you open another credit line or not, your credit score goes based off of what you owe. So if you 1 credit line almost used up, your credit score will show it by lowering itself. You could be on top of your Bill's by always paying on time, but it really goes based off what you still owe. The more money you spend and don't pay off right away will reflect your score negatively.