Credit Score Drastic Change

Forum|Forum|7 years ago
March 19, 2019
1 reply
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One month ago my credit score was 753 I owed about $6,000 on my car + $2700 in credit card debt. I recently checked my credit score and my score had dropped to 733. At that time I still owed on my credit card but I paid it off the next day. Why would my credit score drop since there was no changes and will my score return to a higher score now that I've paid off my credit card?

maglib

There are many variables to credit scores. Even paying off debt early can hurt you and especially closing debt. the reporting agencies are not notified whom closed it. in this case the formula for outstanding debt over the credit limit could have been impacted when you paid off the cc.

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