Credit Score Dropped 100 Points

Last Updated: Apr 10, 2023

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Noticing 10 or 20 point fluctuations in your credit score is a common occurrence between billing cycles, however a 100 point drop could spell disaster for your financial standing and the options available to you.

With credit scores starting at 300 and maxing out at 850, the total amount of points an individual can accumulate is only 550. A 100 point drop would effectively impact one fifth of your potential credit score!

What Can Cause A 100-Point Credit Score Drop?

If a credit score decreases by 100 points over time due to things like:

  • Increased use of credit limits.
  • New credit and loan applications.
  • Closing older accounts.

This would be considered normal as the credit score would gradually recover as the loans and credit are repaid. However, a 100 point drop of a consumer's credit score within a short time frame indicates a more serious issue impacted your credit report.

Only serious transgressions can impact your credit score by 100 points, common causes include:

  • Late or missed payments
  • Inaccurate information is being reported on the credit report.
  • Lender issued foreclosure on an account.
  • Declared bankruptcy
  • Account sent to collections

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What Should I Do If My Credit Score Drops 100-Points?

The only way to resolve an issue is to identify the cause of it. Consumers will have to review their credit reports and identify the reason for the negative impact before anything can be done to resolve it.

Once the issue is identified, consumers can dispute the errors in an attempt to recover their credit scores. Alternatively, consumers may consult credit repair specialists like Credit Sage to help repair the damage on their credit reports.

Bottom Line

There are various reasons credit scores can be impacted negatively with 100 or more points. Consumers must review credit reports regularly to reduce the likelihood of this occurring.

Consulting credit repair specialists like Credit Sage is advised to help repair any damage and ensure your best possible creditworthiness.

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