Credit Score all over the place
I posted not too long ago about my credit score dropping 130 points because I closed my auto loan. It finally after months one day shot up more that 130 points. I lost my credit card the other day and got a new card which changed my account number and today my credit score (TransUnion) dropped 110 points. The only changes on my credit file were $124 decrease on my CC because I pay it off every month in full and an account number change. Why is my credit score all over the place?? I see that other people have only dropped a couple of points here and there and mine is making 100+ point swings everytime something touches my credit file!
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Official comment
Hi Blake, and thanks for your question. I can certainly understand your confusion!
I can't say for sure why your score is being so dramatically affected by small changes, but one possibility comes to mind. Have you started building credit somewhat recently, or do you have a relatively small number of accounts? If you've only been using credit for a year or two, or only have a couple of accounts associated with your credit profile, minor events like these could have an outsized impact on your score.
I'm sorry I can't offer a more specific answer but if you're paying off your balances every month, keeping a low credit utilization ratio all month, and avoiding new hard inquiries, you'll likely see your score bounce back again before too long.
If you haven't already, I'd also recommend taking a close look at your full credit report to make sure it doesn't contain any errors or unexpected activity that needs to be disputed with TransUnion. If you find anything like this, let me know and I can offer advice for getting that corrected.
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