The most common reasons your credit score could have dropped include late or missed payments, applying for new credit, running up a large credit card balance, closing a credit card, or changes in your credit utilization ratio. Payment history is the biggest factor, with even one late payment negatively impacting your score. New credit applications create hard inquiries that can temporarily lower your score. Also, paying off or closing accounts can change your credit mix or utilization, sometimes causing a short-term dip. Additionally, inaccurate information or negative markers like defaults or collections can reduce your score. Monitoring your credit report closely can help identify the specific cause.
