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
2007-05-17 11:45:15 · 3 answers · asked by Anonymous in Business & Finance ➔ Credit
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.
2007-05-17 11:57:14 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
Insufficient Credit File
2017-01-17 17:45:39 · answer #2 · answered by heptinstall 4 · 0⤊ 0⤋
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.
2007-05-18 02:46:54 · answer #3 · answered by ? 7 · 0⤊ 15⤋