How many tradelines should I have?

Anonymous · ‎12-01-2012

I am looking to purchase a home in a year. I have a car payment that I know I need to be on time with for a year it is late right now but I will be getting it current in January I have no other credit. How many and what types of credit should I get? I know I need to diversify my credit report as well as get the baddies off.

Shogun · ‎12-02-2012

Yes, you need to have a healthy CR, that means adding positive TLs while removing the baddies. You should look at getting a secured card or two to add to the mix. Revolving credit factors in about 35% of your score, so definitely a need.

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StartingOver10 · ‎12-02-2012

I have spoken to many loan officers (because I'm a Realtor) and I get different answers to that question. Some of the loan officers I speak with say there is no specified minimum number of tradelines. Others say 3 to 4 tradelines. I assume the difference comes down to which loan guidelines the funding lender is using.

tooleman694 · ‎12-02-2012

4 one year old trade lines to be safe, an auto and 3 credit cards would work.

Conventional with PMI you will need 3 - 4 depending with company you use.