Insufficient trade lines is one of the reasons a creditor may deny your request for credit. If a creditor thinks your credit history is lacking, they will not approve you.
Identification
A trade line consists of the information regarding your credit account. It will include such information as the balance owed, date of last payment, credit limit, credit rating, type of account and the name of the creditor. When you owe a creditor they send trade lines to the credit reporting agency containing all of your account information.
Significance
Creditors like to see you have trade lines or credit with several other creditors before they extend you credit. Insufficient trade lines mean you have not established credit with enough creditors. A creditor cannot make a decision based on your limited credit file.
Time Frame
When you apply for credit, and you only have one trade line which was opened two or three months ago, there is a good chance your request for credit will be denied. Trade lines should be opened at least two years. This policy can vary from creditor to creditor.
Misconceptions
If you apply for a credit card and you never use the account, this will show up on your credit file as a trade line but it will have limited information. Another creditor will not consider this to be a valid trade line if you have never used the account. There is no pay history for them to evaluate.
Expert Insight
If you have trade lines for a mortgage, auto loan and a credit card company this is likely to increase your chance of getting approved for credit in the future. You have to make payments on time to establish a good credit history.
ReplyDeleteCreditors like to see you have trade lines or credit with several other creditors before they extend you credit. Insufficient trade lines mean you have not established credit with enough creditors. A creditor cannot make a decision based on your limited credit file.
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