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Old 08-18-2013, 09:12 PM
 
126 posts, read 156,707 times
Reputation: 103

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I've had a credit card for a year and used and paid it off in full each month. I've been wanting to buy a house before the prices and interest rates go up. I recently joined the credit union hoping it would be easier to get a mortgage, so I opened a credit card with them Friday. I mentioned I was trying to build my credit to buy a house and they mentioned they look for three tradelines with 12 months each.

I was really hoping they would be a bit more lenient, as when I talked to them on the phone that I was wanting to buy my first house they did not mention that at all in their requirements, only the score. I guess I didn't ask for the "fine print" so to speak.

So now, to be honest, I'm quite bummed, even though I realize this is my fault, and I don't know what to do. I understand why Fannie and Freddie have these requirements, but it's still disappointing.

Since it seems there is no way to just get a mortgage without them, what do you suggest is the fastest way to satisfy these requirements? I realize it will be 6 months before this new card shows on my credit, and even after it's on there for a year (which I am guessing will be 18 months from now), I will still only have two tradelines. Should I try to open another line of credit, such as a secured loan or another card now, or do I need to wait 6 months from now? Then it would be another 36 months before I could possibly qualify for a mortgage.
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Old 08-19-2013, 01:04 PM
 
3,317 posts, read 7,253,255 times
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Use a bank that does not have tradeline requirements. Such as mine.......
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Old 08-19-2013, 04:13 PM
 
126 posts, read 156,707 times
Reputation: 103
Quote:
Originally Posted by Pfhtex View Post
Use a bank that does not have tradeline requirements. Such as mine.......
Which ones? Are there really any banks in 2013 that don't have tradeline requirements? Everything I read online seems to be no. I just don't see how a bank can loan money without them?
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Old 08-19-2013, 08:16 PM
 
3,317 posts, read 7,253,255 times
Reputation: 4095
Yes. As I said, my bank, for whom I am A national Loan Officer, does not have any tradeline requirements. Credit score, yes, but no tradeline requirements.
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