Is it true you need 3 revolving lines of credit before buyin

Scream2death · Joined: 19 Nov 2008 Posts: 1

i've heard that you need 3 relvoving lines of credit and 2 of those have to be 2 years or longer in order to considered to have "credit history"

I only have one right now, which has been with me for 5 years.

I use to have two others, but i closed them.

However, I have many student loans that are in my credit report(Are these considered Revolving lines of credit?)

liverichly · Joined: 10 Feb 2005 Posts: 199 Location: Orange County, CA

Your amount of credit is likely fine. You don't need 3 revolving lines of credit but it's a good idea to have.

Revolving are credit cards.
Installment is anything like a car loan/car lease, furniture payments, student loan, etc.
Mortgage is a mortgage.

Jenie0109 · Joined: 27 Jan 2009 Posts: 307 Location: chicago IL

thanks for the tips...

AnnAnderson1015 · Joined: 30 Mar 2009 Posts: 46

Every lender has a different requirement as far as this is concern. You should continue checking around because often time a LO will try to sell you a loan base on the commission he will make on it. There might be other loan programs that either he did not know about or simply did not tell you.