My credit score dropped 32 points in a month. Why is this?

I havent had any late payments. Always on time or early. My score went from 731 to 699 and I have no idea why. I do have a balance on my card but its only a few hundred dollars. Could that be why?

My credit score dropped 32 points in a month. Why is this?

No, there must be a mistake... call the bank up and see what%26#039;s going on with your account.

My credit score dropped 32 points in a month. Why is this?

If you paid your credit card down, lets say you made the payment July 1-31, you will not see the result on your credit report till Sept 1st.

Another factor could be applying for new credit. That can drop your score. Inquiries will hurt also.

Have you requested a copy of your credit file? Maybe an old debt is coming back to bite you in the rear. It could be as simple as a $20 balance on an old phone bill.

My credit score dropped 32 points in a month. Why is this?

Credit companies are very unreliable. You need to check with your bank and also get a copy of your credit report. You may need to stay on this, because the top three credit bureaus are not the most honest nor do they keep your records current. You could have a debt on there from ten years ago that they did not note as paid off.

(Before anyone boos and has a fit saying this can%26#039;t happen, bear in mind it CAN! I am fighting with three credit bureaus over a bill that was paid ages ago and they never recorded as paid. )

My credit score dropped 32 points in a month. Why is this?

This doesn%26#039;t happen very often, but there is a way your score could be lowering. When you check your credit score, you get %26quot;hit%26quot;, meaning that check goes on your score, possibly taking off points. You get %26quot;hit%26quot; whenever anyone, yourself included, checks your credit score or credit report. So you could check you score less frequently. Instead of every day, (as some do) try once a week. Getting %26quot;hit%26quot; isn%26#039;t always a bad thing, but rarely is it a good thing.

Also, see how many loans, cash advances, and/or credit cards you have applied for in the last few months. When you apply for these services, they check your credit score, often without your knowledge. (In other words, you get %26quot;hit%26quot; without knowing it.) Applying for too many services at once could very well lower your score. If none of these is the problem, contact your bank, and they will help you sort it out. Hope I helped!

My credit score dropped 32 points in a month. Why is this?

Ouch! Straight to the tank. Usually if your available credit changes or if a company has reported a change on your report (particularly a negative one) this is what would cause such a sudden change.

Remember, when you%26#039;re trying to build a solid credit score it%26#039;s important to get a comprehensive view of what is actually effecting it...

Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:

35% - Payment History

30% - Credit to Debt Ratio

15% - Credit History

10% - New Credit

10% - Credit Types in Use

Well let%26#039;s not let the fall from grace be too hard first by putting a watch dog out to bark if there are any changes to your credit score/report... and you can do that using myFico%26#039;s credit score tracker --- theres a 30 day trial and it gives you all the info as it happens! check it out.

Of course you%26#039;ll probably want to see what else is going on in your credit so try some of these links to help you clean up the problem: