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Answers (14)
Best Answer
- shapiroamg
- Contributions:3058
What lenders want is a credit refresh prior to closing. This does not generate a credit score. The lender is looking to see if you have had any new credit inquiries that would indicate taking on additional debt. If you have inquires they expect to explain them. If you have been using your existing credit as you typically do, then I think you should be ok.
- almatea
- Contributions:18
Is it worth disputing the pulls and this point and just laying low on refinance until my mid score is back up to 740 or so?
Also, one old credit account/closed/paid as agreed with no late payments shows as "in dispute." Not sure how quickly I can clear this for a closing.
Clay - yes: Once the first GFE expired due to non-lock we asked for the GFE for the Zillow quote.
Must brokers pull credit (and the lender) for each HUD-GFE? They were sending us quotes, but we wanted the GFE as quotes aren't really valid and we couldn't compare with others. They already had a FICO on file pulled within 2 weeks (at 737).
Also, one old credit account/closed/paid as agreed with no late payments shows as "in dispute." Not sure how quickly I can clear this for a closing.
Clay - yes: Once the first GFE expired due to non-lock we asked for the GFE for the Zillow quote.
Must brokers pull credit (and the lender) for each HUD-GFE? They were sending us quotes, but we wanted the GFE as quotes aren't really valid and we couldn't compare with others. They already had a FICO on file pulled within 2 weeks (at 737).
PS,
I verified the credit reports and it's the craziest thing I have ever seen in my life. It's like every single person that looked at the file ran credit. We all know that mortgage pulls within a short amount of time are not supposed to hurt, but there are so many here in the last 90 days it made my head spin just looking at it. The internet provider did do a hard pull recently but I think the mere volume of activity is what caused this.
I counted 4 pulls just from the mortgage company since 11/31/11.
Who does that? My jaw dropped.
I really do hope you review these people!
I verified the credit reports and it's the craziest thing I have ever seen in my life. It's like every single person that looked at the file ran credit. We all know that mortgage pulls within a short amount of time are not supposed to hurt, but there are so many here in the last 90 days it made my head spin just looking at it. The internet provider did do a hard pull recently but I think the mere volume of activity is what caused this.
I counted 4 pulls just from the mortgage company since 11/31/11.
Who does that? My jaw dropped.
I really do hope you review these people!
- Clay Branch, "Georgia Loans"
- Contributions:7838
Here is a thought, I think you just laid out what happened to your score. Is this all done by the people that quoted you on Zillow, then changed the offer when you tried to execute a lock, then pulled credit again because they changed their offer?
- almatea
- Contributions:18
FICO report mid-Score of 740 in December: Three inquiries in last 180 days
FICO report mid-Score of 737 in Feb: 8 inquiries in last 180 days
FICO report mid-Score of 717 Now: 13 inquiries in last 180 days.
All but 3 of the above inquiries were either CredCO or the mortgage company. I authorized the mortgage company to pull my credit score 3 x (they said it wouldn't affect score), but they did 4x. Also, 5x CredCo inquiries must be from their wholesale lender--I wasn't informed that they would also be doing hard pulls. So, a total of 9x credit pulls from December from both broker Co. and lender. Broker says mortgage pulls shouldn't have affected my FICO. Thoughts?
FICO report mid-Score of 737 in Feb: 8 inquiries in last 180 days
FICO report mid-Score of 717 Now: 13 inquiries in last 180 days.
All but 3 of the above inquiries were either CredCO or the mortgage company. I authorized the mortgage company to pull my credit score 3 x (they said it wouldn't affect score), but they did 4x. Also, 5x CredCo inquiries must be from their wholesale lender--I wasn't informed that they would also be doing hard pulls. So, a total of 9x credit pulls from December from both broker Co. and lender. Broker says mortgage pulls shouldn't have affected my FICO. Thoughts?
- almatea
- Contributions:18
I asked for a GFE on a loan with different terms (borrower-paid brokerage fee, etc.). I said he could pull my credit if he must for this, and he did. They had pulled my score on 2/7 (when we went in to sign a loan disclosure for othe other terms), again on 2/13 (?) and then on Friday. I'm reviewing the copy of the reports he sent now to identify any changes. Will update shortly.
- Clay Branch, "Georgia Loans"
- Contributions:7838
almatea, it is highly unlikely a credit check lowered your score 20 points. Why is your broker pulling the credit again?
- almatea
- Contributions:18
I had a GFE quoted at my mid score of 737 a few weeks ago, then the mortgage broker just pulled my credit again and my mid score is 717! He says it is because our Internet Provider did a hard check when we established new service at our house, and that this is an Automatic risk-based agency adjustment of .5% or $1200 increase in up front costs based on today's pricing. HELP! If we wait, will the score go down? It was 740 the month before, so now down 23 points and I have done nothing differently and haven't had a late bill in 5 years. Did our Internet provider just cost us $1200? The customer service agent SWORE he wouldn't be pulling my credit when I gave SSN--I told him we were refinancing.
- Frustratedinphoenix
- Contributions:3
Thanks for all the answers! Just to not that i had try contacting my loan officer multiple times. As well as his assistant. Apparently there was a bad winter storm and they were having a hard time getting to work. But however i was informed by my loan office that they get updates from the Equifax Mortgage Solutions and it is not a Pull of your credit. They want to make sure we are not opening any new line of credits. Basically what all of you told me. Thanks!
- Geofrey Merino, "GMerino"
- Contributions:445
If I may just add that if your credit with the lender is going to expire than that would be reason to pull your credit again. This will generate a new score. This is why it is so important to hold still on doing anything with your credit because it may go either way. Stay confident that your loan will be fine.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1326
I'm sure some loan people will come in and help with answers. What were your scores? What is it now? How did you acquire the scores?
But I do know that a balance that is high in relation to the credit limit will drag down your credit scores. I'm guessing what you REALLY need to do is call your loan officer directly and ask these questions.
Just for future reference 30% or less utilization is a good percentage to ever have used on a credit card....that means on your $8,000 credit limit card, you should try and keep your balance under $2,400 (unless you are paying the excess each month). Assuming you want to keep your credit scores high. Good luck, hope all goes well!
But I do know that a balance that is high in relation to the credit limit will drag down your credit scores. I'm guessing what you REALLY need to do is call your loan officer directly and ask these questions.
Just for future reference 30% or less utilization is a good percentage to ever have used on a credit card....that means on your $8,000 credit limit card, you should try and keep your balance under $2,400 (unless you are paying the excess each month). Assuming you want to keep your credit scores high. Good luck, hope all goes well!
- Frustratedinphoenix
- Contributions:3
Sorry, the rest of the question should say this... We use our only credit card quite frequently. When we applied for the loan our balance was at 6971. Within the last 3 almost 4 weeks we had to pay some bills. Which we have been doing for a while now. we get cash back for so much money spent. Anyways now our balance is 7900 and our credit limit is 8000. Now, we haven't went and opened any new accounts at all. we have just used our credit card as normal. However, when our new credit report posted it brought my husbands credit score down a bit. Will the 1000 dollar difference effect us at closing? Keep in mind this thursday we will be paying 3500 on our credit card. But the credit bureaus wont report that quick. Should we pay that much toward the credit card right before closing? My husband is getting his bonus this Thursday. Thats how we have the funds. Any adivce is appreciated... And hopefully the full "Questions" posted. lol. :)
- Linda Trautweiler, "LindaTrautweiler"
- Contributions:3
You need to repost your question as the sentence got cut off. The lender will check your credit up to the day of closing to make sure you haven't made any major purchases prior to closing.
- Clay Branch, "Georgia Loans"
- Contributions:7838
Your post was cutoff. Do not buy anything that requires a credit inquiry until you close on your home, period.
We are about two weeks from closing on our home. My LO told me in the begininng not to run our credi
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