Posted on: 10th Sep, 2010 03:22 pm
Hello,
My credit score is 701, I had a dismissed bk back in 05, I called quicken loans to see if I could get approved for a FHA mortgage. They stated everything looked good except that I only have 2 active lines of credit open. They said I need to open 2 more accounts and have them open for at least a year and keep them all in good standing. Is it true that I have to have 4 lines of credit open or would 2 lines with each being over a year old and in good standing sufficient? Thanks!
My credit score is 701, I had a dismissed bk back in 05, I called quicken loans to see if I could get approved for a FHA mortgage. They stated everything looked good except that I only have 2 active lines of credit open. They said I need to open 2 more accounts and have them open for at least a year and keep them all in good standing. Is it true that I have to have 4 lines of credit open or would 2 lines with each being over a year old and in good standing sufficient? Thanks!
Hi rbee,
The lender will want to check that you have been handling various accounts successfully and in a balanced manner. I guess that's the reason why he wants you to have 4 open accounts. You can speak to other local lenders in order to find out if they can help you with a loan with 2 open accounts.
Thanks
The lender will want to check that you have been handling various accounts successfully and in a balanced manner. I guess that's the reason why he wants you to have 4 open accounts. You can speak to other local lenders in order to find out if they can help you with a loan with 2 open accounts.
Thanks