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nowineedu

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Did my score drop 32 pts because an acct dropped off?
My credit score dropped 32pts--I haven't added or disputed any information on my report. The only change I see is a change in accounts---from 8 accts to 7 accts. Could your score drop so dramatically just because an acct dropped off your report--or could there be another reason?

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There are a lot of factors that go into your score. Having an account drop off does a couple of things:

1. If it's an old account, the average age of your open/active accounts just got lower. The older your accounts, the better your score. So if an old account gets dropped, this can drop a few points off your score.

2. Your debt to credit limit ratio increased, which also causes your score to drop a bit. The lower that ratio, the better your score.

So it is possible for it to drop that far by closing an old account.

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Why'd my score drop?

I just finished paying off my school loans, and now my credit score shows that it dropped almost 60 points.  Did this happen because I no long have any open account or aged line of credit or amount of ontime payment?  They all show that number to be a zero.  I worked hard to bring it up from where it was, and now that I'm taking responsibility for my money, it drops back to where it pretty much started.  Can someone please explain this to me.

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