Bank of America underwriter did not approve my[33M] mortgage loan due to lack of enough lines of credit, despite the fact that my credit score is 750+, I have a low debt to income ratio, I am able to make 20+% down payment. I have sufficient (3years) credit depth on my credit card and a (3 years) auto loan they said. However they would have ideally wanted a third line of credit on top of that.
Seeking your advice on what to do at this point.
Here are my options as I see it:
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Obtain a second credit card, use it for a year and re apply for mortgage
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Approach another lender, but I suspect they may say the same thing.
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Try to follow up with Bank of America to see if there are any alternative solutions
Frankly speaking I feel this is a broken system, if someone like me with a stable job, enough money for down payment and a good credit score is refused a home loan simply based on the fact that I have one credit card instead of two.
Anyways, appreciate some expert opinions on this.
Thanks!
Ps. been a silent follower of the personalfinance group and learnt a lot from it. hoping responses to this post will help others in future!
Submitted June 19, 2018 at 11:30AM by a2mukher https://ift.tt/2tk5zhn