Posted on: 03rd Jan, 2013 10:40 pm
Hello everyone, I'm in a surprising situation. I'm a first time home buyer. We've just entered into a purchase contract, and were shocked to learn from BoA that having too few credit lines may affect us getting a 30-yr fixed loan program at a good rate. We've a very good credit score and can put down 20%. We just maintained two credit cards (our biggest mistake), closed our auto loans quickly - the main reasons why the number of open trade lines is low. Where can we get a loan now?
Hi Garson,
Yes, it is true that if you have less number of credit lines, it will be difficult for you to get a loan. If BoA is not unable to give you a loan, then it will be better if you could get in touch with the other local lenders and check out if they can help you in this regard by giving you a loan.
Yes, it is true that if you have less number of credit lines, it will be difficult for you to get a loan. If BoA is not unable to give you a loan, then it will be better if you could get in touch with the other local lenders and check out if they can help you in this regard by giving you a loan.
Garson;
If you have only 2 trade-lines I should be able to qualify you. I would use alternate trade-lines such as rent or car insurance.
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If you have only 2 trade-lines I should be able to qualify you. I would use alternate trade-lines such as rent or car insurance.
[Promotional content deleted as per forum rules. Thanks.]