No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
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.
Bump!
Can anyone shed some light? Greatly appreciated.
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!
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.
No more tradelines. your credit needs to be on pause. What are your scores?
@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