Why Did Your Credit Score Drop Despite Timely Payments? Understand The Hidden Factors. Are you curious to know why your credit score drops even though you make all your payments on time? If yes, then this video is for you. The main reasons for credit score drops are late payments, loan defaults, and loan settlements. Just one late payment can lower your score by 100 points, and a loan default or settlement can take off several hundred points. But sometimes, your score might still drop even if you make all your payments on time
Let's take a quick look at these situations and improve our understanding of credit scores
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