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what improvements can I expect from credit cards?

Currently all 3 scores are between 690-699. Have 4 years of credit history 3 open accounts have always been on time but have never had a credit card before. I applied for capital one and discover last month and approved for both I plan to keep them both under 10% and pay in full every month. How long and how much improvement will I see in my fico score in 6 months or in 1 year estimate. Trying to get to a 740 for a mortgage.
  • February 22 2014 - US
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Answers (2)

Your credit scores are currently acceptable for most loans. Lenders like myself can go as low as 580-620 depending on what type of loan you are seeking. With your current scores you have most lending options available to you such as FHA, conventional, VA, USDA, etc. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • February 26 2014
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740 is probably a good estimate after 6 payments if you stick to your plan of 10% utilization.
  • February 22 2014
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