I keep reading that lenders like to see 3 active tradelines open for at least a year when applying, is that always the case? I have exactly 3 active TLs (not counting SLs that are in deferment), two of them are credit cards that will be about 8-9 months old around the time I go to apply. Will that push back my timelines?
Starting Score: 529
I spoke to a mortgage lender yesterday and mentioned I did not have credit cards and wondered if that would be a problem before I applied. He mentioned they they like to see 4 tradelines (discussed FHA). He did mention, though, that if needed we could use other monthly type payments to fill in (e.g., cell bill history, utilities bill).
Whew...all hope is not lost! Thanks
@Kae_Aye wrote:I spoke to a mortgage lender yesterday and mentioned I did not have credit cards and wondered if that would be a problem before I applied. He mentioned they they like to see 4 tradelines (discussed FHA). He did mention, though, that if needed we could use other monthly type payments to fill in (e.g., cell bill history, utilities bill).