Credit score, Sept. 8 -- Has your credit score dropped significantly in recent years, and have you been taken aback by this? This may happen if you faltered on your loan, failed to pay your credit card bills on time, or perhaps maxed out your credit card.

Here, we list the reasons for a sudden drop in credit score and suggest ways to fix it.

I. Failure to make payments on time: Whether it is a credit card payment or repayment of a loan, any delay or default has an adverse impact on the credit score. Default in payment is typically one of the most common causes for a sudden drop in your creditworthiness.

II. Closing of an old account: When you close an old account, it can lead to an adverse impact on your credit score. This is because t...