Carving way off track

I’ve been making these alphabet boards for about a month with no problem until now! Now it is cutting the alphabet way off the path and messing up the letters. This is a picture of it doing it right and now messing up.Please help!

For starters it looks like your bit might be dull. That could cause machine to loose steps.
Have you changed your bit recently?
What are your settings?

Ok thanks. The bit might be a little dull but it seems to be working for other smaller projects. I just have the settings that they automatically gave me. Everything was working fine until yesterday when it started doing this. Here are the settings.

@JodiDudek This video may help, basically the homing button is ~.03" too low, so the initial cut is too deep and can cause so much resistance that it will go off path or break a bit. We show how to fix it pretty quickly.