Credit score just dropped 140 pts
My FICO score just dropped from 780 to 640. I currently only have 1 credit card with Bank of America. I am in PA school and I took out grad plus loans in late May. That's the only credit pull. I've never had any missed payments for anything. My biggest purchase was a car, which has been fully paid off. Besides the recent grad plus loans, I have no other debt.
Couple questions:
- Is that possible that my scored dropped 140 because I only have 1 line of credit? Would it have been better if I had other credit cards?
- If / when I need to take out another loan for school, should I open another line of credit before to preserve score / switch banks?
Bummed about this dropping as I thought I've done everything right. Thanks!