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Profile picture for jatj65

What happens if my credit score was good for my pre approval but, the score drops at closing

  • August 06 2009 - Chesapeake
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Answers (2)

Profile picture for Ken Kopper
It really depends on the particulars of the situation..purchase or refi? FHA or conventional?

What was your middle score when you were "pre-approved"? How much time elapsed between then and when you were ready to close?

What caused your scores to drop? Running up credit cards, late payments?

Typically a credit report is good for 120 days but lenders will require payment histories on any Real Estate secured debt to be updated prior to settlement with credit supplements.
  • August 06 2009
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That depends on why it dropped and how much it dropped. If you went out and bought a flat screen and incurred more debt, it could be a double whammy by destroying your DTI and lowering your score. The score dropping could disqualify you completely or cost you more in points at closing because of pricing adjustments and DTI can be a deal killer.
  • August 06 2009
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