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What does insufficient credit trade line mean? |
I need to know in English what the heckwhat does insufficient credit trade line mean. I got a mortgage pre aprovel and now they said they cant help us because of insufficient credit trade line Your credit report does not show enough history to generate a FICO score. Look for a lender that still does "Manual Underwriting". That is the "old fashion" method of approving loans by actually looking at the applicants finances and making a decision. Your current lender is just looking at your non-existent FICO score. It could also mean that you simply do not have enough trade lines and enough payment history. Most lenders look for a mix of at least 3-revolving (credit card) credit lines and at least 2-installment (vehicle, boats, home or personal loans) credit lines all with good long pay history's. This is whats required for a good credit score and profile. A lot of people have very high scores but they are made up of one credit card and a couple of student loans. So they have nothing to qualify them for a home or vehicle loan. Finance Manager for over 7-years. / 2007 Edition Consumer Action Handbook free at www.ConsumerAction.gov |
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