How many tradelines?

[Anonymous]

Hi all!

We're going to get a mortgage this fall, but I think it'll be next spring. No big deal, just wanted to get everything together.

How many tradelines did your loan officer require?

Thanks!
Mark

[Anonymous]

Many require three, but that would be a lender overlay. I just closed a loan where the client had zero open tradelines. Some lenders will just require an automated underwriting approval regardless of tradelines. 

[Anonymous]

Good to know. I have 4, my wife has 3, but we had one lender we just spoke to that required 4 each.

[ezdriver]

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@Anonymous wrote:

Many require three, but that would be a lender overlay. I just closed a loan where the client had zero open tradelines. Some lenders will just require an automated underwriting approval regardless of tradelines. 

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How does an applicant have qualifying scores with zero tradlines?

[ezdriver]

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@Anonymous wrote:
Good to know. I have 4, my wife has 3, but we had one lender we just spoke to that required 4 each.

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Ignore that lender and move on to the next. You have more that enough. One to three is ok ... three to five is better. More important iare on-time payment history and age and age of tradelines.

[Anonymous]

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@ezdriver wrote:

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@Anonymous wrote:

Many require three, but that would be a lender overlay. I just closed a loan where the client had zero open tradelines. Some lenders will just require an automated underwriting approval regardless of tradelines. 

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How does an applicant have qualifying scores with zero tradlines?

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They had previous tradelines that were closed. Only got scores from two bureaus though. 

[Revelate]

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@Anonymous wrote:

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@ezdriver wrote:

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@Anonymous wrote:

Many require three, but that would be a lender overlay. I just closed a loan where the client had zero open tradelines. Some lenders will just require an automated underwriting approval regardless of tradelines. 

---

How does an applicant have qualifying scores with zero tradlines?

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They had previous tradelines that were closed. Only got scores from two bureaus though. 

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I thought closed tradelines still counted in the traditional calculation of number of tradelines when we were talking minimum count, or was that not the case?

[Anonymous]

Rev, it depends on the lender. When talking about minimum number of tradelines, many (most) lenders are referring to the number of open tradelines, and often open tradelines that have been reporting for 12+ months.