Many lenders are rolling out new credit guidelines that require borrowers to have a minimum of 3 accounts showing on their credit report. The rules are different for every lender (some allow an account to be closed, some want them all to be open for 12 months, some want at least one of them to be open for 24 months, etc.).
This is important to know because we have seen loans get denied if a borrower has too few open accounts. Do NOT recommend to your buyers that they close accounts in order to improve their credit scores. Not only will it lower their score (closing accounts lowers credit scores because it raises the ratio of debt to available credit), closing an account may also keep a buyer from qualifying for a loan altogether.
