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why did my credit score drop 7 points

Why Did My Credit Score Drop 7 Points

Updated:
March 9, 2023

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Pulling your credit report is how you'll find out why your credit score dropped by 7 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 7 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.

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