How Many Credit Lines Should You Have? – Credit Tip #11:
Credit Lines – When you apply for a mortgage, you will find out that many lenders require you to have a minimum of three open tradelines, which can be revolving accounts (credit cards), or installment loans (student loans, car loans, personal loans etc). However, this does not mean that you have to go into debt. If you decide to open three credit cards, it doesn’t mean that you should have three credit card debts. As long as the accounts are active, they will appear on as on time payments on your credit report every month. For additional information feel free to contact our office at 617-265-7900 or schedule a free consultation below.