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Message
Reasons my credit score is dropping
Posted on 3/7/17 at 3:57 pm
Posted on 3/7/17 at 3:57 pm
Just checked my credit score and I've had a 20 point drop over the last 6 months. I haven't missed any payments and haven't had any inquiries. Is this a possible indicator of identity theft? I don't see any reason why it would drop like that. TIA.
4
Posted on 3/7/17 at 4:03 pm to upgrayedd
Did you close any credit cards or get any new ones in the past six months? Did it drop on one specific month, or a few points over time? If you closed any CC accounts you could have dropped temporarily for less credit to your name, but probably not 20 points. Credit scoring is so fickle, there is not telling what the possibility is. Id pull your credit report on Annualcreditreport.com ( LINK) from all three agencies and check into the last few months. It will definitely tell you if youve had any identity theft. It's free, no cc required, and all three agencies are legally obligated to give you one report per year free of charge.
Posted on 3/7/17 at 4:05 pm to upgrayedd
I would think 20 points is probably just a normal fluctuation over 6 months. Have you paid off any loans over that time? Is your credit utilization % a little higher right now than it was back then?
Posted on 3/7/17 at 4:39 pm to darnol91
No new or closed cards in the last 6 months. Thanks for the site. I'll check it out.
Posted on 3/7/17 at 4:40 pm to PhiTiger1764
quote:
I would think 20 points is probably just a normal fluctuation over 6 months. Have you paid off any loans over that time? Is your credit utilization % a little higher right now than it was back then?
Didn't pay off any loans and my utilization is up but still well below 50% of my credit limit.
Posted on 3/7/17 at 4:45 pm to upgrayedd
I made a pretty big purchase several months ago and took two months to pay off. It put my utilization over 20% and I saw a drop of about 30 points. Took about 3 more months to make it back to the original score. That could be your issue.
Posted on 3/7/17 at 4:46 pm to upgrayedd
quote:
Didn't pay off any loans and my utilization is up but still well below 50% of my credit limit.
That'll do it. Utilization is 30.00% of your overall score. You need to be below 30.00% utilization and preferably below 20.00% utilization.
Posted on 3/7/17 at 4:49 pm to Hand
Additionally, you can knocked a few points if any specific credit card account is >20/30/50/75% utilization (I believe those are the levels)
I went up about 8-9 points overnight when applying for a mortgage when a card I made a large purchase on went from 60% to 0% on new statement balance
I went up about 8-9 points overnight when applying for a mortgage when a card I made a large purchase on went from 60% to 0% on new statement balance
Posted on 3/7/17 at 5:00 pm to upgrayedd
quote:
and my utilization is up but still well below 50% of my credit limit.
Ding! Ding! Ding!
Posted on 3/7/17 at 6:13 pm to GenesChin
Hell my score fluctuates 13 points month to month depending if I have 20 bucks balance on a credit card. That's the only reason I can understand why it goes from 811 to 798 to 811, and it says the reason for the drop in score is unpaid balances.
Posted on 3/8/17 at 9:27 am to upgrayedd
Probably read your posts on the OT.
Posted on 3/8/17 at 10:49 am to upgrayedd
I went to purchase a car and my score dropped ~75 points.
Took a hit because the inquiry, then it made my limit on one of my cards jump from $3000 to $500, then it closed one of my credit cards that was inactive. (these were Wal-Mart and Best Buy cards I got to help my credit a long time ago 0% for 6 months.)
Took a hit because the inquiry, then it made my limit on one of my cards jump from $3000 to $500, then it closed one of my credit cards that was inactive. (these were Wal-Mart and Best Buy cards I got to help my credit a long time ago 0% for 6 months.)
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