Account History Requirements

[JayTee1]

I'm getting ready for pre-approval for a USDA loan next month sometime.  I'm working through Movement Mortgage, and have had a really great experience so far.

My scores are well above requirements now.  My loan officer and I have been waiting for that as well as the removal of federal tax liens on Equifax and TransUnion (I do qualify for withdrawal and have filed the paperwork -- just waiting for the IRS's response now).  

I don't think it's absolutely necessary the liens are gone, but the loan officer just thinks we'll have an easier time.  She's going to submit paperwork as soon as that happens; she'll submit for preapproval and underwriting.  Condo won't be finished until early next year.

My actual question is:  in various conversations I have had with her, she'd mentioned having at least one account with a two year history.  This hadn't been an issue, since my utility company was reporting 7 or 8 years.  In the meantime, as my scores have climbed, I've signed up for 3B reporting monthly (from MyFico).  I noticed on this latest pull that the utility company no longer appears.  I should add that I am not sure exactly why it dropped off, but this account no longer appears on any of the three reports.

My longest open active credit account is under two years old.  I have one credit card account that is exactly two years old, but I closed it this April.  It was a rebuilder card from US Bank that I had no use for.

Any ideas if this is going to be a problem?  Clearly, I can talk to the loan officer about this, but she's hard to reach, and I will just mention this to her before she pulls my report in August.  Just wondering if this is a standard requirement and if anyone has any experience with it.

[Anonymous]

They like 3 lines of credit but will accept alternative lines such as rent or utility but more than one to prove their "willingness to pay" requirement. You can see word for word applicant requirements if you google USDA handbook

[JayTee1]

I have lots of tradlines all positive, just not over two years.

I'll google that.  Thanks.

[DallasLoanGuy]

we like to see 3 trade lines with a 12+ month history. We like one of those tradelines to be 'significant'. Significant = car note or something. $25 cc payments arent significant.

you can get a loan with less than all this(some lenders). but expect to have to verify rent payments if the file is thinner than the 3 tradelines.

[JayTee1]

I have a current car loan with 12 months (12 payment left, it's a lease), a paid car loan with 12 months and 15 or so credit card accounts, most of which are over a year old.  Hopefully that'll do it then.  Rent history is also not a problem if I have to prove it.

Thanks - that makes me feel more confident.