Did you know that in today’s market it’s considered best to have 3 open lines of credit? This can be a mix of trade lines such as the following examples:
- 2 credit cards, a car loan
- home loan, car loan, a credit card
- 3 credit cards (not debit)
- student loan, car loan, store card
These are but just a few examples, but you should always look at your credit report anywhere from 60-90 days ahead of applying for a home loan. Know what’s on your report! Go to www.annualcreditreport.com to get a free report each year from all 3 credit reporting agencies (Equifax, TransUnion, Experian).
