Posted on: 18th Dec, 2012 11:15 pm
I have 36 trade lines on my CRs and scores of about 750 across the board (I have only one bad outstanding on all of them). My oldest tradeline is an AU for 2002. I have 1 credit card from NFCU with 10K limit. My utilization is about 9%. Does my lack of revolving credit history hurt me and should I establish more revolving cards?
Hi,
Anything above a 740 would be considered excellent credit. You would have no problem obtaining loans with the best rates/terms. The rule of thumb is to use credit. If you have all 0 balances, you are not using your credit. You want to keep the balances below 40% of the credit limit, but not at 0. You can use 1 or a couple accounts, but keep them active.
Anything above a 740 would be considered excellent credit. You would have no problem obtaining loans with the best rates/terms. The rule of thumb is to use credit. If you have all 0 balances, you are not using your credit. You want to keep the balances below 40% of the credit limit, but not at 0. You can use 1 or a couple accounts, but keep them active.
Hi Velan!
Welcome to forums!
I personally feel that lack of revolving credit may be an issue. You may consider taking out 2-3 secured or unsecured cards 6 months prior to your mortgage. But you should make sure that you pay them off on time.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I personally feel that lack of revolving credit may be an issue. You may consider taking out 2-3 secured or unsecured cards 6 months prior to your mortgage. But you should make sure that you pay them off on time.
Feel free to ask if you've further queries.
Sussane
