Why did my credit score drop 100 points?

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  • August 8, 2023 at 10:09 am #10799
    Geoff Massanek
    Moderator
    August 11, 2023 at 7:15 pm #10970
    Team StellarFi
    Keymaster

    Your credit score usually drops when there is negative financial activity on your credit report. This could include missing payments, opening new credit accounts, closing an old account (like paying off any long-term loans), a high credit utilization rate, or filing for bankruptcy. Apart from this, a credit score drop could also be the result of an error in your credit report.

    If your credit score dropped by 100 points at once, it is also likely that more than one of these factors was affected at the same time, causing your score to drop heavily. A bankruptcy filing can decrease your score by 200 points depending on your current credit score and other factors in your credit report.

    The good news is this score drop can be fixed by regular timely payments and general responsible spending.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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