My husband and I have been working on getting our credit improved for the last seven years. We finally hit the minimum 640 score in order to qualify for a house (yay!) but once that hits my credit will my score drop? What kind of things can we do to get our score into the 700 hundreds? At some point next year we are going to be looking for a new car and I want to be sure to get the best rates. Currently my score is 640, I have a capital one limit 500, an orchard bank also 500, one student loan and two auto loans both over a year old and have zero lates. My husband has the same minus the student loan and his limits are 300. I'm not sure how many inq we have. This year alone we have only had our credit pulled for our mortgage several times. (lender shopping) I'd like to get approved for some higher limit credit cards once we have closed on the house to furnish it with. But mostly I want good credit. After years of struggling and always having higher interest rates and being turned down for loans I just want a good score so that if and when we need an auto loan or buy another house we don't have the worry of will or will I not be approved and get a good rate.
Time will help, as will keeping the reported balance on your credit cards extremely low (9% or under). Good luck!
Once you get your mortgage, you'll probably have a slight initial drop. That's ok, just continue to pay on time, the mortgage and your revolving accounts will continue to age and your CR will get healthier. This will allow your scores to grow.