No. of Recommendations: 0
>>I was just wondering, how do creditors who give big loans (ie mortgages) look at credit reports of
people who have say 12 credit cards opened and say 9 closed in the last 3 years. <<

It should not matter at all for a home mortgage. I was wondering the same thing when I started looking for a home. I had multiple major CC's and a handful of minor ones plus a substantial line of credit. These were all open accounts ( I also had a bunch of accounts that I closed). The total credit available to me at the time was more than 2 1/2 times my income!
I was carrying no balances and my credit rating is top notch, but I was worried that having so much available credit would be a negative when trying to get a mortgage.

I checked with a VP in the mortgage dept. of a major bank and verified her answer with another source. The answer was, the lender does not care how much credit one has available or how many active cards. As long as you have a good credit rating and a downpayment, they will take the business. Remember, you are backing up the mortgage with your property.

Hope this helps. Oh ya, I closed 6/97. AJE
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.