It's not a problem if you have a lot
of other credit lines with the same issuer and across other credit cards.
Credit cards, loans, or
any other credit lines also factor into this ratio.
If I was him I would wait until I need
some other credit line perhaps unsecured... so yes, instead of 6 months probably I would wait until I need way more credit!
What to do: Keep
your other credit lines open and pay them on time.
And renters who don't have
any other credit lines can establish a credit history for the first time.
They will look at your credit history and if you have been consistent in making payments on your loans and
other credit lines, then they will likely grant you a lower interest rate or lower your monthly payments.
They aren't creating new products, but some lenders are advising cash - strapped customers in high - tax states to tap home equity or
other credit lines to prepay property taxes before the new tax law kicks in.
Note: Do not apply to several credit cards or
other credit lines.
If new credit cards, mortgages, car loans or
any other credit lines have been added to your name, they will notify you immediately.
Your total credit limit (combined with the borrowing limits of
your other credit lines) will decrease.
And this person does not have
any other credit line out there.