If You Want To Understand Why Your Credit Score Has Dropped, Here Are Six Reasons To Consider.

6 reasons your credit score went down. Several other factors can cause your credit score to drop like applying for a new credit. You missed a payment on one of your accounts.

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4.9/5 ( 53 votes ) once you pay off a car loan, you may actually see a small drop in your credit score. It’s the “credit mix” at 10% that you want to pay attention to here. 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. It is one reason your credit score could drop a little after you pay off debt, particularly if you close the account. Derogatory remarks on your credit.

A Drop In Your Credit Score After Paying Off A Loan Is Usually Only.

All in all, allow for at least one to two months after paying off a balance for your credit score to be recalculated. Is simply because you used your credit. However, it's normally temporary if your credit history is in decent.

Car Note Your Score Will Drop.

Credit score dropped 60 points after paying off car. Once you pay off a car loan, you may actually see a small drop in your credit score. There is a major change to how the credit reporting agencies are calculating fico.