Trying to get approved for a mortagage through quicken loans

[Anonymous]

I applied with a local lender back in May and was told I didn't have enough tradelines. I have 1 in good standing that's 5 years old and another that in good standing but has only been open for a few months.
I decided to try quicken loans and they said my credit was good enough that the tradelines even matter. They gave me a middle score of 674. I couldn't get a pre approval because my down payment wasn't in the bank. I've put the money in and waiting for it to season. My question is do u think I can really get approved without 3 tradelines through quicken?

[Anonymous]

I would also like to add my fico scores ex 769 tu 663 as 668.

I have 1 unpaid medical collection $140 on tu that's scheduled to drop off in a year and an installment loan reporting 120 days late payment that has been paid off on my eq.

$100 line of credit through my bank that has been paid on time for 5 years and capital one card $300 limit that is in good standing opened in 04/15.
Kohls charge $600 limit opened 6/15 that has not yet reported.

My debt to income ratio is always kept under 30%

Self employed for 5 years with a gross income of $14k a year. Looking for a $70,000 mortgage for a single family home.

[Revelate]

Redacted likely dumb statement .

Some lenders will underwrite on a single tradeline, uncertain of Quicken in this case.

-- S10 > me!

[Anonymous]

Thanks for the reply

[StartingOver10]

Rev, my experience with Quicken is different than your experience. They have many overlays - so a deal that can be done easily by one of the mortgage bankers is a hardship for Quicken because it doesn't fit into their system.

The OP gave a good example. They wouldn't even take their app because the funds weren't sitting in the OP's account. Many mortgage bankers will take the application as long as you can show a valid savings plan to have enough funds to close (down payment and closing costs). It is better that the OP have the funds in hand. It does make it one less item to clear.

As to the number of tradelines - I know that one tradeline is difficult. OP do you have student loans or vehicle loans? All you have is one cc reporting on your CR?

[Anonymous]

I have the line credit, the Capone card and my Kohls charge just reported today on my EX. But that's it

[StartingOver10]

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@Anonymous wrote:
I have the line credit, the Capone card and my Kohls charge just reported today on my EX. But that's it

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Cap one is only reporting to Ex? Not to all three? That is unusual. They usually report to all 3 CRA's.

i don't know about Kohls. Check in cc section to see if they report to all 3 or just one CRA.

What is the "line credit"?  is that new?

Do you have any installment loans like student loans or a auto loan?

[Anonymous]

No the cap one reports to all 3. The Kohls only reported to EX. The line of credit is an overdraft protection through my bank that is 5 years old. I have an installment loan but it was paid off in Jan of this year and reported as 120 days late. No auto loans, nothing else.