Why did my credit score decrease suddenly and unexpectedly?

1. Check for any errors on your credit report. You may need to order a new copy of your credit report to check for errors. If any errors are found, you will need to contact the credit bureau to get them fixed. Be sure to keep a record of who you spoke to and what the outcome was.


2. Check for any late payments. If you have any late credit card payments, it could cause your credit score to decrease. Be sure to review all your recent credit card statements to make sure no payments were missed.


3. Check your credit utilization rate. It is important to keep your credit utilization ratio below 30 percent. This means your balance should not exceed 30 percent of your total available credit limit.


4. Check any new accounts. If you recently opened a new credit card or loan, this could cause your credit score to decrease. Make sure you are monitoring these accounts to ensure they are being managed correctly.


5. Set up automated payments. If you are forgetful with payments, set up automatic payments to help make sure you stay on top of them. This could help your credit score in the long run.