
If you are wondering "Why did my score drop?" It is a good idea that you take a look through your credit report to identify red flags. A missed payment or an application for new credit could all have a negative impact on your score. It is worth disputing a recent decline in your score.
Hard inquiries
Hard inquiries affect your credit score in a few different ways. You will see them on your credit report up to two years after they have been filed, depending on how many. Additionally, they can lower your score by a few months to a whole year. The impact will depend on your credit score, but can be anywhere between five and ten points. Depending on your situation, one or two inquiries may not be significant, but multiple inquiries can make you look more risky to lenders.

Closing your credit card
Closing a card with a credit company can have a negative effect on your credit score. This is because it lowers the average age of your accounts. In certain instances, you can mitigate the effect by paying off the remaining balances on your other cards. To make more informed decisions about closing your account, it is important to understand how credit scores are affected and what the reasons are.
Medical debt
Your credit score could have suffered if you have a history with medical debt. There are steps to help you restore your credit rating. First, determine if you have insurance that covers medical debt. Find out which procedures are covered by the policy.
Late payments
Paying your bills on time can help you avoid credit card debt. Generally, your credit score will only go down if you miss payments by more than 30 days. In such cases, you can contact your creditor and work out a repayment plan. Automating payments or setting up reminders for payments can help you avoid missing them. In addition, avoid making large purchases on credit, as this will increase your credit utilization ratio. This ratio will account for 30% your FICO score. So the lower your credit utilization rate, the better you score.
Inaccuracies in credit reports
Inaccuracies on credit reports can harm your credit score. Online contact is possible with the credit bureaus. To receive a response, they may take up to thirty-five to 45 days. Most disputes can be settled within two weeks.

Identity theft
Credit scores can be seriously affected by someone stealing your identity. This can be caused by a number of factors. One of the most significant factors is your credit utilization ratio. Your credit utilization ratio is a key factor in determining your credit score. If your credit usage exceeds 50%, it could lead to a 100 point drop in your score. Keep your credit utilization ratio under 30%. If you have recently experienced identity theft, there are several things you can do to repair your credit score.