Why Did My Credit Score Drop 30 Points

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Pulling your credit report is the first step to identifying why your score dropped 30 points.

You can identify all recent negative items that may have affected your score, leading to the drop. Remember that the most common reason for a 30 point drop is due to balance changes.

There are 6 main reasons why your Credit Score dropped.

  1. You spent more money with your credit cards.
  2. You missed a payment on one of your accounts.
  3. A negative mark appeared on your credit report.
  4. An old credit card account closed.
  5. You paid off loans (student, card, personal, etc).
  6. You recently applied for a new loan or card (and a hard inquiry appeared on your report).
  7. 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.

Why My Credit Score Fico Score Dropped For No Reason

Several things can cause your FICO credit score to drop. Late or missed payments, large purchases, or closing a credit card can all unexpectedly impact your score.

Why My Equifax Credit Score Dropped For No Reason

Several things can cause your credit score to drop. Late or missed payments, a high debt to credit ratio, applying for a lot of credit at once, or closing a credit card account can all impact your credit score.

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