If your credit score has dropped since the last time you looked at it, there are several reasons it may have done so. One of those reasons could be current debts. Here’s what that means… if you borrowed more money for something recently, this could affect your score. When creditors see this, they will be less likely to lend you money thinking that you’re taking on too much debt.
Maybe your credit card debt increased. If there was a sudden increase in spending on your end, this may make creditors wonder whether you’ll pay them back or not. It could also happen if you max out your credit cards. Creditors do not like to see maxed out credit cards. It makes them worry whether or not you will be able to pay back a new loan.