Why did my credit score drop?

Your credit scores are calculated using information in your credit reports, so it’s normal to see your score change as lenders provide updates to that information. A slight drop in your score may not be cause for worry, especially if you’re consistently practicing good credit health habits. Sometimes, you may not notice changes on your credit report that lead to a score drop. Your credit score can drop for many reasons, including some of the common reasons below.

Late or missed payment

Your payment history is one of the most important factors in your credit score. Missing even a single payment can have a significant impact on your score. That said, there’s no exact answer to how much a particular missed payment will affect your score. This depends on your credit history.

Payment history is built month-by-month as lenders report your account status to one or more of the three national credit reporting agencies. Credit card, car loan, mortgage and retail account (like store credit cards) payments will appear in your payment history.


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