- Centurion Member
- Posts: 463
- Joined: Sat Apr 13, 2013 7:49 pm
- Location: Colorado, USA
I don't think it's as prevalent as it once was, but I do recall it happening, back in the 80s when I got my very first mortgage. While shopping around and using lenders recommended by my realtor, one of the lenders wanted all credit cards to be at zero balance for 3 months prior to loan approval; another only allowed 3 credit cards to be reporting as active. Closed accounts, obviously, didn't matter to them, but they weren't keen on more than 3 active credit card TL. Also had to document a timetable to have an auto loan paid off, as long as it was within 6 months of closing, they'd approve the loan. Since that time, I've not had any problems, especially with a refi that I did a few years back while carrying a half dozen credit cards and 2 installment loans. My income supported it, so no issue.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016