Credit Score Drop
Remember how I was all happy that my credit score had gone up and we were getting bills paid off? Yeah, that’s all changed. I happened to check my credit score to find it had plummeted 32 points. How did I have a credit score drop with all of the progress we’d been making?
Honestly, I have no idea what happened. We paid off more debt in February. We paid all bills on time. We didn’t take out any new credit or debt. The only difference was that I had one derogatory mark on my credit score that was paid in full from 10 years ago that finally fell off my credit report.
Could that be it? Could having a derogatory report from a government lean from 10 years ago removed from my credit report make it drop 32 points in one day? I thought the only negative mark on my credit report being removed would be a good thing. I was even hoping it would make my score go up a little. It’s pretty frustrating when you are working hard to pay off your debt and improve your credit score only to see it drop.
To be on the safe side, I went through my credit report to make sure no one else opened anything in my name. I also checked to see if anything happened with my credit history. My credit history continues to be 100% paid on time. I then checked my number of accounts open, age of credit history, and credit inquiries. All were the same as before and all were in good standing. The only two things different were we had paid off more debt and the one derogatory mark had fallen off my credit report.
I tried finding out on-line what could have caused the credit score drop. I couldn’t find anything. I tried asking others and no one else knew either. In the end I learned that I really have no idea how credit scores work. I know that as we keep paying on time and paying down our debt that our credit scores will eventually go up, but that’s about it. We both look forward to that day.
Have you ever had your credit score drop dramatically and you didn’t know why?