My Wells Fargo Bank Teller said, when it’s time to get a mortgage, I need at least 3 credit accounts?

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I talked to one bank tellers or bankers at Wells Fargo, and she was very young and already in the house. She is in her 20 years of age, and he said the first time he tried to get a house, he could not, and he said that lenders are looking for at least 3 card accounts credit have been open for five years, before lending to you, and so he did not get a loan for your home for the first time. Is it true or is it a bunch of bull, he tried to feed me as I open a Wells Fargo credit card? He talked about how Wells Fargo was the lender than the lender B as a service to store credit cards or credit cards can be opened by Target or Best Buy, etc. What is it?

2 Comments
  1. Reply
    Sonia
    February 16, 2011 at 5:03 pm

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  2. Reply
    Crazynat34
    February 16, 2011 at 5:26 pm

    It’s a bunch of bull.

    Any lender will look for credit history. Having no credit is almost as debilitating as having bad credit. I say almost because it’s relatively easy to build good credit where as it’s a rather long and difficult process for someone to recover from bad credit. You do not need 5 years of open credit card accounts. You just need to show that you are responsible and capable of repaying loans. The formula used for the credit bureau factors in department store credit, general credit (visa, amex, etc…) and large loans. You should probably get a general credit card for the purpose of building your credit but please use it with caution. Remember that credit card companies aren’t in the business of helping you; they are out to make a profit. Never charge more than you can pay at the end of every month. Avoid interest. Pull your credit report at least once a year to view your progress and go ahead and pay for the fico scores since this is what lenders look at when considering you for a loan. If you do apply for a department store card wait until they are offering 20 or 30% off of your purchase so at least you benefit fiscally from signing up for it. Remember that your fico score takes a hit every time some one pulls your credit. You may as well save a few dollars for the hit. Of course this is only a small hit and will be regained in a short amount of time.

    As for A and B lenders here is the deal. Any potential lender will look at your credit and determine what is good debt and bad debt. Good debt is considered to be mortgages, car loans, and student loans. Bad debt is credit card debt. Since banks such as Wells Fargo primarily lend for mortgages that would make the loan not the lender “good”. They are considered good because houses are resold for profit, student loans suggest professional success (higher pay), and a car loan means you have a way to get to work to make money in order to pay back your loan.

    Credit is a tricky game. You have to have credit but you don’t want to much credit either. Bankrate.com is an excellent source for all thing financial.

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