Why did my credit score drop?

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    KikoffKikoff
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    #470
    KikoffKikoff
    Keymaster

    Several factors can cause a drop in your credit score, including missed or late payments, which show that you may have trouble managing your credit. High credit card balances increase your credit utilization ratio, which negatively impacts your score. Closing old credit accounts can reduce your average account age, and applying for multiple new credit accounts results in hard inquiries, which can also lower your score. Additionally, errors on your credit report can unjustly harm your credit score, so it’s important to review your report regularly.

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