I had a credit score of 600 and one day I checked it again and my score dropped down 55 points and I don’t understand why I have been doing everything right and paying my bills on time can you help me understand?
Do you have a PayPal account with a balance? If so, that could account for the drop. PayPal never reported to the credit bureaus until last month. Most people with outstanding balances saw all their credit scores drop.
This can happen if you have applied for a loan or a credit card— my score dropped 20 points after I agreed to co-sign for a loan. This a normal ‘HIT’ on your credit score when a credit check is done.
