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Do I have enough tradelines?

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jasimae
Frequent Contributor

Do I have enough tradelines?

I am preparing myself to app for pre-approval in March, however, I am concerned whether I have enough active and lengthy tradelines.  I am under the impression that I need 3 tradelines with 12 months of history.  I opened  AmEx, Discover and Barclays credit cards and a WalMart store card all in Octoer and November 2011.  All cards are paid on time.  I had a Cap One card that I opened in August 2010 which I closed in November 2011---after I received the better cards.  The Cap One card was closed with a zero balance in good standing.  I have a fully paid car loan that was paid off in 2006.  It is reporting positively, but only on my Experian report.  Can that be used?  I have a current car loan that I took out in March 2010 and will be approaching 1 year of payments this March.  That is also paid on time every month.  At this point, I can only determine that my two tradelines are the closed Cap One and my current car loan.  Will the lender be able to use the prior car loan being that it was paid off in 2006.  Additionally, although I received my AmEx card in November 2011, it was backdated to 1993 and is showing that way on my credit report.  Can the AmEx tradeline also be counted?.  I am aware of non-traditional credit and am fine to use my landlord as I pay rent on time every month.  I am just nervous about the process.

Message 1 of 8
7 REPLIES 7
jasimae
Frequent Contributor

Re: Do I have enough tradelines?

Bump!

 

Can anyone shed some light?  Greatly appreciated.

Message 2 of 8
namvet
Established Contributor

Re: Do I have enough tradelines?

IME your trade lines look ok for the pre-approval mortgage app.   Don't app for any more credit now that you are closing in on your app date.  It is always best not to apply for new credit or increase any debt in the 6 months prior to application.  Good Luck!

Message 3 of 8
Revelate
Moderator Emeritus

Re: Do I have enough tradelines?

The tradelines thing is mostly they don't want a thin or "thinnish" (slim?) file.  You're nowhere close to that, just because some of your accounts are no longer open, you still have history they can point to.  Will be fine from that perspective.




        
Message 4 of 8
Booner72
Senior Contributor

Re: Do I have enough tradelines?

No more tradelines.  your credit needs to be on pause.  What are your scores?

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 5 of 8
webhopper
Moderator Emeritus

Re: Do I have enough tradelines?

You definitely have enough tradelines. Keep in mind that your lender will want to verify timely rent payments as an indicator of how well you handle housing expenses. Congrats on your timely payments and good luck as you prepare to apply for the mortgage!
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 6 of 8
StartingOver10
Moderator Emerita

Re: Do I have enough tradelines?


@namvet wrote:

IME your trade lines look ok for the pre-approval mortgage app.   Don't app for any more credit now that you are closing in on your app date.  It is always best not to apply for new credit or increase any debt in the 6 months prior to application.  Good Luck!


+1

Message 7 of 8
jasimae
Frequent Contributor

Re: Do I have enough tradelines?

Thanks guys. My scores are hovering around 660 and 670 but that's only because my utilization is at 90% right now from holiday shopping. Once I pay my balances down in mid-Feb, I expect for the scores to shoot up to just shy of 700. I appreciate everyone's feedback. Thanks.
Message 8 of 8
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