UPDATE: Should I....

[TNTransplant]

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@bs6054 wrote:

Sorry, was thinking about Fico score rather than mortgage requirements.  If they need open tradelines of that age, then yes, you don't have a choice.

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Ditto.  If they're requiring this then don't close them until after your mortgage, but once you get it feel free to cut them loose. 

And I've Merrick and Orchard, too, so I can appreciate what they did for my credit.  It's just that you've moved beyond that now - sometimes it hurts to let go. 

[shorrttyycm1]

@TNTransplant,

At this point it hurts to hold on ;-) Damn annual fees. It seems the better accounts i got the more i want to ditch OB and Merrick. I think its symbolic, with the passing of a certain point u get to call and cancel bad cards. Its like a right of passage ;-)

[bs6054]

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@shorrttyycm1 wrote:
@bs6054,

Noooo! I was hoping i was wrong and closing them would be fine. O well :-(

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I had assumed you were told that you need two open lines, I would guess requirements may differ from lender to lender.   Call a mortgage broker and ask!

[shorrttyycm1]

@Bs6054,

Good idea...i should call a broker. I was told about the three line rule by a friend who purchased a few years back. Idk

[SnackTrader]

Better safe than sorry. Keep all old tradelines open until you finish the mortgage process (assuming the process starts soon). Te fewer changes to your report, the better.

But if you aren't planning to start the mortgage process for a few years then you have plenty of time to age these accounts.

[Anonymous]

What are your scores right now?

[Anonymous]

Also you do need 3-4 trade lines in good standing with at least 12 months of history. So if you are left with less than 3 (4 to be safe) after closing Orchard and Merrick, it could cause major issues with your mortgage application. So I recommend not closing them until after closing.

The rules have changed and lenders have a boat load of overlay requirements since the housing market crash.

[shorrttyycm1]

@MovingForward,

my scores all hover right at or around 680. You said 3-4 trade lines...do thet have to be ccs? I have student loan accounts do they count?

[bs6054]

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@shorrttyycm1 wrote:
@Anonymous,

my scores all hover right at or around 680. You said 3-4 trade lines...do thet have to be ccs? I have student loan accounts do they count?

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For something as critical as this, don't rely on posts on the internet, speak to a broker!

[shorrttyycm1]

@bs6054,

Solid advice, i have already contacted someone and am waiting to hear back. I hate having to leave voicemail...that whole impatience thing :-(