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posted Jul 22, 2023 12:29:11 PM

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

 

 

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3 Replies
Level 15
Jul 22, 2023 12:36:44 PM

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

Level 9
Jul 23, 2023 5:06:21 AM

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 6:57:46 AM

@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.