Financing in Brooklyn>Question Details

iamlivin4me, Home Buyer in Bronx, NY

How long after opening new credit card can I apply for a mortgage loan? For years I had only one credit card but was told that it's not enough credit

Asked by iamlivin4me, Bronx, NY Fri Aug 8, 2014

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What you are running into is a lender overlay. Fannie/Freddie don't have minimum tradeline requirements. The automated underwriting system will determine if your credit history is sufficient. I just closed a loan that my borrower only had 1 credit card for about 14 months.
0 votes Thank Flag Link Fri Aug 8, 2014
you need to open 2 more lines of credit..

....why did you wait all these years to ask this question ?

and then 2 years
0 votes Thank Flag Link Fri Aug 8, 2014
my response may sound stupid but I was not aware that one credit was not enough until I attempted to get a loan in march of this year. I had assumed that my score was the most important thing, considering its in the mid 700's and a bit over 20k saved. I guess I will be renting then. thank you.
Flag Fri Aug 8, 2014
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