Your score dropped after buying a car due to hard inquiries. Each credit report the auto loan lender pull adds 1 new hard inquiry, and each hard inquiry lowers your score up to 10 FICO points. A single car loan application could lower your score up to 30 points.
There are 6 main reasons why your Credit Score dropped.
- You spent more money with your credit cards.
- You missed a payment on one of your accounts.
- A negative mark appeared on your credit report.
- An old credit card account closed.
- You paid off loans (student, card, personal, etc).
- You recently applied for a new loan or card (and a hard inquiry appeared on your report).
- In all of these scenarios, the #1 way to find out which affected your score drop is by reviewing your report with a professional.
In all of these scenarios, the #1 way to find out which affected your score drop is by reviewing your report with a professional.
Get Your Credit Score Improved Professionally
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (866-259-0327) or setup a consultation with them. They also happen to have incredible customer service.