When folks are talking with us about buying a house in NC, they often hear us say that they need at least 12 months of payments made on time – and we need 3 active trade lines. With that, you should have the credit scores you need to buy a house in NC.
Well, that brings up the question, “What’s a trade line???” It’s a line of credit that is (preferably) reported to all three credit bureaus.
Credit cards, Car Loans, Personal Loans from finance companies are all trade lines. Some are better than others – for instance, personal loans from Beneficial will not help you get the highest score.
A “loan” or a credit card from Best Buy is easier to get than one at Bank of America. This means that if you have poor credit – apply for cards at chains like Best Buy and Jewelry stores.
If you are “new to credit,” (maybe you just graduated), and you can’t qualify for a card from Jareed, or a Gas card – you probably need to either get your folks to add you to an account (but be careful which ones they add you to) and / or you should get a secured credit card (or two or three).
If you have GREAT credit – the “Store” credit cards, like Victoria’s Secret, are the ones that you want to pay off and stop using, first!
In some very rare cases – we might be able to establish credit from “non-traditional” sources, but that is RARE. For most mortgage loans, you need to have 3 credit scores, and with that, you should have at least 3 trade lines with on time payments made for the last 3 months.
CREDIT SCORES NEEDED TO BUY A HOUSE IN NC
The minimum credit score requirements are getting tighter – but we do offer programs for folks who are at or around 600 credit scores. There are minimum down payments with this program, so you’ll 3.5%.
If you are looking for a no down payment loans – you will need two credit scores over 620 for most of our programs. We are one of the few Banks in NC that offer First Time Home Buyer Programs through NCHFA, so we do have down payment assistance, VA Loans and Mortgage Tax Credit available.
Considering a home purchase, or just want to increase your credit score? Please call Steve and Eleanor Thorne a great Mortgage Company Raleigh , 919-649-5058. If you have more questions about Trade Lines and Credit Scores – you can also ask us a question below. We try to answer them promptly 🙂
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The best means of improving your FICO score without violating any local, state, or federal laws as well as complying with policies set by the big three bureaus in credit reporting (Experian, Equifax, Transunion) is to take of financial obligations that presently exist in collections. The process involves registering as an independent debt purchaser with a consumer credit advocacy firm. The company that I use is called assumable accounts and their website is assumableaccounts.com
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Believe you have to consider all aspects in the current economic climate – personally do no think we have seen the full extent of the recesssion, so would be cautious in considering.
Good one, Tradelines are typically seen as the key to fast credit to the majority of people
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Yes, the key is to build your credit using cards like best buy and home depot, having these accounts in good standing without late payments will make you appear as less risky to larger lenders and banks. There are also ways to put cash in your bank account using some of those credit cards, this will also make you look more responsible.