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Spinniker

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Why does my credit score keep going down?

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Top Contributor
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The only sure fire way to determine why your score is dropping is to compare the current score against the prior report, even by comparing 3-4 side by side, line by line.    While not an exact amount, drops of 1-3 points is usually increased Utilization.  5-10 points could be new credit applications.  10-30 points could be a new account.   40-50 points could be closing accounts or paying off a loan.  50-100 points could indicate a late payment.   Even by one day and even if the creditor waived the late fee.   Waiving and not reporting are not the same thing.  The numbers listed herein are estimates as they can vary depending upon your actual credit score.   As an example, late payment with a score of 700 could cost you 120 points while a score of 600 may only result in a 50-70 point reduction.   Good luck reviewing your credit reports and reversing whatever trend is causing the decrease.

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