My brother-in-law is 25 years old. He had absolutely no credit history until getting a visa card several months ago, which he hardly uses. What is the best way to establish a credit history so he can apply for a mortgage in several months?
Usually a mtg company will want to see at least 3 to 4 good tradelines. He may want to apply for a gas card and a dept store card. He will need to use it and pay promptly and keep his ratio on the card usage low.
You may want to have him talk to a mortgage broker. They have good insight into differing types of mortgages. They could also let him know what he can do to increase his chances of acceptance. Keep us posted
