#Good news! The IRS has extended the tax deadline to April 18th! As long as you submit your federal return by midnight on 4/18/2018, you won't be considered a late filer for your federal return. Direct debit tax payments that are submitted with your federal return (or on the IRS website) by 4/18 are also considered timely filed ×

Why did my score drop?

It can be confusing when your scores drop significantly. We’re here to help you get to the bottom of why you may have seen a sudden drop.

Here are 6 common reasons why your scores may have dropped: 

  1. You’re using more of your available credit. Maybe from charging more on your credit cards.
  2. You missed a payment on one of your credit accounts
  3. A derogatory mark such as a collections account, bankruptcy, tax lien, civil judgment or foreclosure was added to your report
  4. You closed an old credit account. Closing old accounts means your average age of credit history decreases, which can hurt your scores.
  5. You paid off your student or car loan. While an awesome thing for you, it can change your credit mix, which can affect your scores.
  6. You recently applied for a new loan or credit card. Your scores may dips temporarily, but can recover if you are responsible with your credit.

Credit Karma doesn’t calculate your scores — we get them directly from TransUnion and Equifax  we aren’t able to tell you specifically why your scores changed. But one of these credit factors can help you learn more about what may have caused the drop.

More articles and resources to help you:

To understand what goes into credit scores, click here. 

You can also review your credit reports for errors or suspicious activity by clicking here. 

To help you stay on top of changes to your credit, Credit Karma offers free credit monitoring of your TransUnion and Equifax credit reports. If we notice important changes on your TransUnion or Equifax credit reports, we'll send you an alert so you can check for suspicious activity. Check your communications settings to make sure you’re enrolled in this service. 

And here’s an article with some quick tips about how you might be able to get that score back up. 

It can feel discouraging to watch your credit score drop unexpectedly, and if you’re really struggling financially right now, you’re definitely not alone. Here’s an article with some practical information about what you can do if you find yourself struggling financially. 

 

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