Chloe1214 Posted May 8, 2007 Report Share Posted May 8, 2007 I have always been told to open a secured CC. Today a Mortgage lender told me that he had advised that someone open 3 CCs to establish soem tradelines. Was this good advice? I've been told that only one CC was needed to START establishing credit. Is opening 3 at once okay? This seemed excessive. She had a few TLs. (car, mortgage, but no CCs) I work at a Mortgage office and with the subprime meltdown a lot of loan officers have been giving advice to clients, it seems just grasping at straws at times, to try to get them approved. I'm concerned about them giving borrowers to clients that is NOT LEGIT or could actually hurt these people. Link to comment Share on other sites More sharing options...
willingtocope Posted May 8, 2007 Report Share Posted May 8, 2007 Three CC with close to a $0 balance is probably good advice for getting a mortgage. The FICO model for mortgage scoring looks more at "total debt" than at "utilization", but, at the same time "available credit" but "unused" is probably a good thing. Link to comment Share on other sites More sharing options...
Chloe1214 Posted May 8, 2007 Author Report Share Posted May 8, 2007 Also, what about piggy-backing (authorized user) another CC that a friend/family member has had for a number of years? does this help? Link to comment Share on other sites More sharing options...
willingtocope Posted May 8, 2007 Report Share Posted May 8, 2007 AU can help (although its really dangerous for the primary user). Link to comment Share on other sites More sharing options...
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