Applying for New Credit

[Anonymous]

I have been told by 2 different mortgage brokers that I need to have at least 3 lines of open credit to apply for a mortgage.  I only have one credit card and one personal loan.  Would the benefit of having a third line of credit outweigh the inquiry hit on my credit report to obtain another credit card?  Just curious.

[Anonymous]

They couldn't use non traditional tradelines???...if you use the inquiry....you will have to explain it later...and it still would not be 12 months old....I though you needed 3 tradelines with 12 month good history???...opening a new account still would not be open long enough to give you the 12 month history...

[DallasLoanGuy]

haveing a third trade would likely be worth the inquiry. since inquiries are overrated

[ShanetheMortgageMan]

Also entirely depends on your situation and the context the question is being asked in.  If you only have 2 trade lines period on your credit report, and you've only had credit for 12 months or so, then chances are you might need the 3rd one, or just more credit history period, in order to get an approval of some sort (automated or manual).  But if you have 30 years of credit, 800 scores, but only 2 open credit cards and nothing else... then there is really no need to get more credit or open another trade line.