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Level 1
Jul 22, 2023 7:29 PM UTC
Question

Credit score decrease

My credit score has dropped by 6 points April to July 2023

only change 1 auto loan paid in full, that change should increase my credit score not decrease

 

 

    3 replies

    Level 15
    Jul 22, 2023 7:36 PM UTC

    This forum is for questions about tax law and using TurboTax. 

    Level 10
    Jul 23, 2023 12:06 PM UTC

    You need to study your credit report to find out what changed.   Possible reasons are a  missed payment, late payment, new credit card application, or change in your credit limit. 

    Level 15
    Jul 23, 2023 1:57 PM UTC

    @Robkelley wrote:

    My credit score has dropped by 6 points April to July 2023

    only change 1 auto loan paid in full......


    See https://www.equifax.com/personal/education/credit/score/why-credit-scores-may-drop-after-paying-off-debt/

     

    Further, a 6-point decrease is generally not consequential.