My credit score dropped, but there were no changes on my report

There are different scoring models and many companies that provide credit scores. Scoring models even change over time as they update how information is processed and a score is calculated. It’s common to see differences in scores from one model to the next. That said, if you see a big drop in your score, it’s usually triggered by something specific. Here are some common reasons why you might see a sudden drop in your credit score, along with what to look for on your report.

Reported high utilization

High utilization is a fancy way of saying your credit card account balances may be high compared to your available credit. Lenders like to see that the outstanding total balance on your credit cards is below 30% of what you have available. If your total credit limit across all your cards were $10,000, you’d want to keep your total balances below $3,000 to limit the negative impact on your score. Of course, getting at or close to $0 is best. Low utilization shows lenders that you are a responsible borrower and repay most or all of your purchases quickly.


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