That Is An Unusually Large Drop, But If Everything Else Is Exactly The Same As Before, The Drop Would Be Attributable To Have A New (“Unseasoned”) Account.

Lenders use a variety of credit scores and are likely to use a credit score different from vantagescore® 3.0. This means that your credit utilization will be 25%. Why your credit score may have dropped 55 points.

However, If You Close Your Account Of $3,000 Now Your Total Credit Limit Will Fall To $7,000.

You spent more money with your credit cards. Just got a credit card 2 months ago with 696 score being my default. But if your spending suddenly increased to $5,000 (50% credit utilization rate), your scores could start showing a decline.

A Negative Mark Appeared On Your.

Increased balances on credit cards or lines of credit. With interest rates increasing, credit card debt is about to get more expensive. At least you will bounce back.

Your Payment Was More Than 30 Days Late.

If your spending habits remain. Unpaid debt sent to collections. I took one card to 78%, another to 40%, and one to 30% a few months ago.

For This Reason, If You Have A Fico Score Of At Least 650, And No Lates Or Other Major Negatives In The Past 12.

You missed a payment on one of your accounts. But if you don’t make at least the minimum payment after 30 days, it can seriously damage your credit score: Credit card and loan payments more than 30 days past.