For mortgages, 620 is the new magic number
Gone are the days when you can qualify for a loan with a mid score of 580 or 600, now it is 620. ANd that's for an FHA government loan. If you are trying to do a conventional loan with FNMA or FReddie Mac, you will get hit with a ridiculous amount of fees for having a score less than 740. It is tiered for every 20-40 points, it's different price. So if I were you, the best thing to do is keep your balances down to 35% of your credit limit at any given time and try not to have anymore than 1 inquiry every 14 days. And of course, do not close any accounts and do not open any new accounts. By doing just these things, your scores should be way up in the 700 range as long as you don't have recent derogatory items. If you have any questions, call me at 925-398-0211 or email me at 4marylou@comcast.net. I would love to give you even more tips!