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July 22, 2023
Question

Credit score decrease

  • July 22, 2023
  • 3 replies
  • 0 views

My credit score has dropped by 6 points April to July 2023

only change 1 auto loan paid in full, that change should increase my credit score not decrease

 

 

    3 replies

    Employee
    July 22, 2023

    This forum is for questions about tax law and using TurboTax. 

    July 23, 2023

    You need to study your credit report to find out what changed.   Possible reasons are a  missed payment, late payment, new credit card application, or change in your credit limit. 

    Employee
    July 23, 2023

    @Robkelley wrote:

    My credit score has dropped by 6 points April to July 2023

    only change 1 auto loan paid in full......


    See https://www.equifax.com/personal/education/credit/score/why-credit-scores-may-drop-after-paying-off-debt/

     

    Further, a 6-point decrease is generally not consequential.