Additional Credit Pull after preapproval?

[Runky00]

I was recently approved for a mortgage but the question I have is what to do now as far as my credit and when it will be pulled again. I know the rule is NOT to apply for new credit until after closed/funded but I don't know if there are other restrictions I should be aware of.

Do I continue to just pay the minimums each month?

Can I use my cards at all?

If I use the cards do I pay them back to zero each month?

Please help!!!

[sccredit]

When we purchased our house they placed a monitoring service on our credit to look for any new accounts or inquiries.  They did pull once more before closing.  

[MEE2Too]

Yes you can continue to use your cards or continue to pay down on them. I wouldn't use them unless in a real emergency and just contunue to pay them down them and keep your balances under 30% of the credit limit and you should fine fine if the pull your scores again. Also, it depends on how quickly you find a home and place a contract on it, if it's in the next 30-60 they may not pull your score again but if it 6 months from now they more likly will to make sure your siutation hasn't changed.

[ezdriver]

Between now and the closing, the lender is looking to ensure that the financial picture that they used to approve you have not changed in a negative way that affects the underwriting decision that they made.

Therefore, use your available credit as needed, delaying purchases where you can, and paying your invoices ontime. Other than simply being careful with the use of credit, you will be fine at closing. The lender will check your credit again just before closing or after 90 days from the last credit pull.

[Legal_Girl]

Navy Federal only pulled my credit at the time of Pre-Approval.  I asked both the Loan Officer and the Processor if they would pull mine again and I was told by both that mine would not be repulled. 

I know of others that have been pulled more than once.

[Runky00]

Thanks for the replies. I just want to make sure I am not doing anything to jeopardize my loan. I haven't used the cards since the lender pulled.

I am also with NFCU so maybe it will be just the one pull. Either way I would rather be safe than sorry.

[ojefferyo]

Personally I would continue to pay it down, they will pull another right before they close to make sure you didn't take on any more financial obligations. I've seen people get approved then at the end get denied.

[Barneygirl]

---

@Legal_Girl wrote:

Navy Federal only pulled my credit at the time of Pre-Approval.  I asked both the Loan Officer and the Processor if they would pull mine again and I was told by both that mine would not be repulled. 

I know of others that have been pulled more than once.

---

My LO informed me that they do two credit pulls for a mortgage.  One at the time of application for credit score/DTI, and a second one right before closing, not for a score, but rather to validate that my debt hasn't increased. 

[BigBS]

---

Barneygirl wrote:

---

My LO informed me that they do two credit pulls for a mortgage.  One at the time of application for credit score/DTI, and a second one right before closing, not for a score, but rather to validate that my debt hasn't increased. 

---

This would have been my experience, however, the closing date was changed without letting the LO know and they did a total of 3 credit pulls for the entire process.  Like others have said, just keep balances/UTI at current levels and you will be fine.  This is the reason many do app sprees following closure of their mortgage.

[Anonymous]

I am a mortage processor and I have NEVER heard of pulling your credit more than once UNLESS the orignal report has expired, the LO screws something with the first pull like mixing up your SSN#, ADDRESS, DOB, NAME. other than that, your report is good for 120 days for FHA and Convetional 90 days. That same credit that was pulled for pre-approval is still good they should NOT be pulling your report again. I think it's ridiculous for them to risk the customer not qualifing by re-pulling the report if they don't have to, because even if nothing has changed that inquiry alone can cause damage.