What to do next after a credit score drop??

[RonM21]

Once you get the utilization part lined up the right way, that shoud get you those points back, helping you towards that 700

[JayTee1]

If you're planning to apply for a mortgage this Fall, I would not open any new lines of credit right now, and I wouldn't do anything that would result in a hard inquiry between now and then.

[Anonymous]

2 lenders I've spoken with advise not applying for credit in the past 6 months, a third recommended one year.  I would hold off if possible.   Also, the inquiries may drop your score a few points.

[Anonymous]

Update: Here's where I am so far. I did apply and got approved for a Visa/Mastercard from my personal bank who I have a checking, savings, and business account with. I will now have 3 revolving accounts to optimize my numbers. I do understand that my points can drop due to the inquiry, but I know I can recover those back easily.

From what I've read in the forums, I should keep a balance on one card under 30% of the limit of course, and keep the other 2 at a $0 balance every month. Not to mention keeping my utilization percentage low but never at 0%....which is why it originally dropped in the 1st place. I do have my credit usage under control, so I have no worries about late payments, high utilization, maxing out, nor opening any new accounts. This will be the LAST inquiry for new credit and the next will come from a mortagage company to prequalify for a home. I have no problem waiting to regain my points back or more for that matter.

I thank all you for your input. Me being NEW to credit building and understanding this scoring system has become better since joining this forum and asking the right questions. This has helped tremendously.


March 7, 2016: 588 Experian, 597 TransUnion, 587 Equifax
July 17, 2016: 674 Experian, 673 TransUnion, 664, Equifax
Target Goal: At least 720 across the board.