New credit report rules require 30 months of payment history

[Account Closed]

Just saw this story here: http://bit.ly/2d6Px2R

The gist of it is that beginning tomorrow Saturday 9/24/16 lenders will now consider a mortgage applicant's payment history over 30 months to determine their credit worthiness.

It is called "trended credit data".

Borrowers that pay in full are seen as less risky and may qualify for a lower interest rate and borrowers that just pay the minimum payment will be considered higher risks.

The old trick of avoiding large purchases right before closing on a mortgage and keeping your credit nose clean for a few months will not work.

Bad news for flipping because it will shrink the buyer pool as more people will have a harder time qualifying.