10+ Easy Why Is My Credit Score Going Down. Closing the account decreases your total credit limit. Having other dormant cc accounts might cause this, but you said there's only 1 credit card, so this is confusing. Your credit score is going down due to a closed credit card account. Below, we’ll breakdown why your score decreased and give suggestions on how to bring it back up.
There's a missed payment lurking on your report a single payment that is 30 days late or more can send your score plummeting. When it drops by more than a few points or is consistently dropping over time, there’s a reason your credit score went down. Information is only held on your credit report for a certain length of time, so.
Closing the account decreases your total credit limit.
If you had unexpected expenses and you put them on a credit card or cards, your credit score could drop. Derogatory remarks on your credit. There are a couple of reasons for this.
· A Very Common, Yet Not Entirely Obvious, Cause For A Score To Drop Is An Increased Credit Utilization Ratio.
Let’s take a look at the most concerning reason for a drop in your credit score: