Clear to Close Question

[Anonymous]

Hello

Here is my sequence of events and my questions:

I paid my grad school bill on my credit card on 8/5 ($3,700 or so) and it pushed my limit to right below the maximum on that credit card of $5,000.  The balance came to about $4,900.

I then got pre-approved for a mortgage on August 8, found a house and applied for the mortgage loan on August 13.  Hard inquiries were on my credit report for those dates.  On Monday (September 14) I got the "clear to close".  Obviously I went through the whole process, submitting documents, proof of things, etc.  Everything that is normal in the mortgage process.  It just crossed my mind that maybe my credit card bill for my class was not on my credit report.  Now I'm extremely worried that when they do the soft pull that it will show and I won't be able to close.  My closing date is in 3 days (Friday, September 19).  Do they notice this and take it into account already?  It was never brought up to me during the process.  It was also before I even applied for this loan or got pre-approved.  I didn't know I would be buying a house until after I made the purchase on my credit card because the place I am renting was sold later that day.  I did not want to pay rent anymore and thought a house would be better suitable for us.

Any help or advice on this matter?  Like I said, I got the clear to close on Monday and I close on Friday.

Thank you.

[ShanetheMortgageMan]

If it wasn't on the initial credit check, then it is doubtful they would find out about it until they do the final credit check which comes before the "clear to close".  So since you have the clear to close, then you should be OK at this time.  The increased debt resulted in a higher monthly payment, and so if you were able to qualify with the higher monthly payment then it wouldn't have been brought to your attention.

[Anonymous]

Shane

Thank you for your response.  I read that they do this last credit check a few days before the actual closing and not before the "clear to close".  Do you think they will do this or have they completed looking into my credit?

Thank you.

[ShanetheMortgageMan]

If they haven't done it yet, then it has the possibility of still needing to be dealt with.  Worst case is they'd require you to pay down the balance to where the monthly payment would go back to the original amount you were approved with.

[Anonymous]

If it did turn into an issue, they would let me know before Friday, right?  I do not want to go to closing on Friday and be surprised with that news at the table.

[ShanetheMortgageMan]

I would hope so, but credit should have been re-checked as part of the clear to close process.  It'd be odd for them to do it afterwards.  Not all lenders have the same process, apparently.