All my credit is less than 5 years old. Will this count against me when I apply for a home loan?
I just started building my credit 5 years ago and it's 740 and wondering if that age of my credit will lower my chances of getting approved or will raise the rate I get by ilyaz496 from Branch, Arkansas. Oct 5th 2020
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
If your earliest established credit was only a few months ago, that would be a cause for worry. Being established for five years is more than sufficient. You are no more likely to be dinged for only being in the bureaus for only five years than you would be for being in the bureaus for 20 years. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ www.ApplyYes.com 480-889-9000.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
For first credit to a 740 score today is pretty good. As long as you've got tradelines more than a year old, you should have zero issues because of the age of the accounts. I lend in MN WI IA ND SD, and can be found at JoeMetzler.com - NMLS 274132
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