What Are Credit Tradelines?
Credit tradelines are credit accounts of consumers that report to credit bureaus. Lenders consider a credit tradeline as a credit account that is at least 12 months old that reports on credit bureaus. For example, if a consumer has a Blue Sky Visa secured credit card, Blue Sky will be posting credit payment history on the credit report.
Credit Tradelines Requirements On Government And Conventional Loans are set by individual lenders. Credit tradelines are not agency guidelines. FHA, VA, USDA, Fannie Mae, Freddie Mac does not require a minimum number of credit tradelines by borrowers. Credit Tradeline Requirements are lender overlays set by individual lenders. Lender overlays are higher lending requirements that are above and beyond the minimum agency guidelines set by FHA, VA, USDA, Fannie Mae, Freddie Mac. Lenders can have higher lending guidelines above and beyond agency guidelines. Borrowers can qualify for government and/or conventional loans without credit tradelines as long as they can get an approve/eligible per automated underwriting system (AUS).
However, most lenders will require 3 credit tradelines that have been seasoned for at least 12 to 24 months with on-time payments as part of their lender overlays. Non-QM lenders normally require two credit tradelines with 24 months of seasoning or three credit tradelines with a 12-month seasoning requirement. A closed credit tradeline is when a consumer had a credit tradeline months and/or years ago but is now closed because it has been closed or it has been paid off. Lenders want to see seasoned open credit tradelines. Credit tradelines are only good if it has been seasoned for at least 12 months.
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