11 Reasons American credit score drop after paying off debt in 2022?

You eliminated your only installment loan or revolving debt

Increased your overall credit utilization

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lowered the average age of your account

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Increase your credit score after paying off a loan

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Maintain a positive payment history

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Diversify your credit portfolio

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Reduce your credit utilization ratio

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Apply for new credit

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FICO scores are determined by five categories:

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payment history (35 percent), credit utilization/amounts owed (30 percent)

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FICO scores are determined by five categories: length of credit history (15 percent), credit mix (10 percent)

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FICO scores are determined by five categories: new credit (10 percent).

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