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inquiry before closing

I was underwriter approved for an FHA loan on a new construction and I am about 6-7 weeks from closing.  I monitor my credit monthly and noticed a new inquiry from a mail order catalog company earlier this month.  Despite this,my mid score is higher than before and I have no new debt showing on my report as I have not opened up any new accts.  I know they will be rechecking my credit before closing and I'm now worried about that one new inquiry ruining the whole thing for me.  Should I call my loan officer and inform her of this now?
Thanks
  • October 23 2012 - Danville
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Answers (4)

I have never heard of an inquiry killing a transaction before (hard or soft) so I think you will be ok...especially if your Ficos are higher now than they were when you were approved for the loan. Best wishes from So-Cal and good luck
  • October 24 2012
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A quick letter of explanation verifying you did not open an account should do fine, I agree, write the letter with your loan officer's input. If it is, in fact, a soft pull, it probably will not come up.
Best wishes in a smooth closing! Jim
  • October 24 2012
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If you didn't apply for credit from the mail order catalogue company, more than likely it was a "Soft Pull" meaning that you did not apply for credit, so you won't be "dinged" for that inquiry. If you did not apply for credit from this company, then you should be fine.

Good luck on your pending home purchase,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
  • October 24 2012
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Yes they will check your credit ratings and call your employer before closing to make sure that you still qualify to buy a home (I can't tell you how many people have blown closing because they bought new furniture fo the home before closing instead of waiting until after closing) Let your lender know what is going on. They can address it upfront with the underwriter if it is a problem and if it's not something that is valid, they can provide the guidance on how to get it off your report.  It is better to take care of it right away then to wait until right before closing and discover an issue.
  • October 23 2012
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