Why did my credit score drop 100 points?

Home Forums Credit Reports & Scores Why did my credit score drop 100 points?

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    StellarFi
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    #10970
    Team StellarFi
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    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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