What To Do When You Don’t Have Enough Trade Lines On Your Credit Report For A Mortgage…

Good Morning!

Have you been told by a loan officer that you don’t qualify for a mortgage because you don’t have enough “trade line depth”?

Most lenders have guidelines for the number of trade lines they want to see on your credit report.

…for most of them they want to see 3 trade lines with at least 12 months of history on each.

If you don’t have the number of trade lines they want to see, you won’t qualify for a mortgage with them.

…So, what do you do if you want to buy a house, but you don’t have three open and active trade lines on your credit report?

Answer: You go to a lender that will allow you to ad “alternative trade lines”. Some lenders (like me!) will allow you to use alternative trade lines – like utility bills, or rent to fill out the number of trade lines necessary to get a loan.

Often times this can be the difference between buying a house or not.

Keep this in mind if you or someone you know has been told you don’t have enough “trade line depth” on your credit. …I very well might be able to help you out in this circumstance!