Traditionally, mortgage lenders need to see at least 3 strong credit accounts such as a home mortgage, automobile loan, and a revolving credit card account with at least a yearlong history in a borrower’s credit profile.

 

 Today, some lenders are accepting non-traditional forms of credit information in reviewing the credit of buyers whose credit profiles might be too thin to qualify for a mortgage loan. 

 

For borrowers who come up short on credit accounts, non-traditional credit accounts (or trade lines) may add the extra help needed to gain a loan pre-approval.  Some alternative trade lines that can be used for those applicants who may need to show more in their credit profile may include: 

 

  • A storage unit
  • Cable or cell phone bill
  • Auto or renters insurance
  • Utilities paid (separate from monthly rent)
  • Netflix Account
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Source: “How Netflix Account Can Help You Qualify for a Mortgage,” Credit.com (Aug. 27, 2013)