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Credit Activities After Credit Pulls for Mortgage...

Established Contributor

Credit Activities After Credit Pulls for Mortgage...

I wasn't sure where this thread belongs, so I'll just ask it here.

 

We completed the process of applying for a USDA home loan and received pre-approval on 6/12. On that date, all pay stubs, bank statements, and other required paperwork was turned in. We put an offer on a home and had it accepted on 6/27. We did the second and final pull (according to the mortgage lender) on 6/28 (accounting for the scores in my sig) and signed the paperwork showing the APR/interest, payments, etc. on that same date. According to my loan officer, there will be no more pulls of my credit from this point forward. In  fact, his exact words were "We are done with your credit...it's just a matter of WHEN, not IF, we close...and we will not be pulling the bureau reports again".

 

Appraisal is at the end of the month...should clear underwriting by the 3rd (according to LO)...with paperwork sent to USDA shortly thereafter.

 

I understand that a new credit application (Lowes, Discover are all I have left on my wish list) is likely not yet in the cards. My question is, at what point is it safe to initiate some relatively benign credit activities (i.e. Barclay's CLI request since I had a 616 TU when I was approved and now have over 700)?

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 725 , EX FICO 720, TU 737 FICO scores>
Goal Score: 750
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Message 1 of 6
5 REPLIES
Moderator Emeritus

Re: Credit Activities After Credit Pulls for Mortgage...

After the funding.... that's when I would exhale slowly and go app!

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
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Message 2 of 6
Regular Contributor

Re: Credit Activities After Credit Pulls for Mortgage...

I apped for a car loan and 2 credit cards after closing, but before the mortgage showed up on my credit report (usually 2-3 months after closing).  My thoughts were, once the mortgage hits the report my debt ratio is going to go up so I'd better app before that happens.  

 

Despite all the assurances, I was worried that something would happen at the last minute, and they'd need to pull my credit again.  Better safe than sorry! 

Started with an Orchard secured 4 years ago. Now: House, Car, NFCU Rewards Signature, Citi AAdvantage, Discover More, Capital One Platinum, Walmart, AMEX BCE
Message 3 of 6
Valued Contributor

Re: Credit Activities After Credit Pulls for Mortgage...


CreditCrusader wrote:

I wasn't sure where this thread belongs, so I'll just ask it here.

 

We completed the process of applying for a USDA home loan and received pre-approval on 6/12. On that date, all pay stubs, bank statements, and other required paperwork was turned in. We put an offer on a home and had it accepted on 6/27. We did the second and final pull (according to the mortgage lender) on 6/28 (accounting for the scores in my sig) and signed the paperwork showing the APR/interest, payments, etc. on that same date. According to my loan officer, there will be no more pulls of my credit from this point forward. In  fact, his exact words were "We are done with your credit...it's just a matter of WHEN, not IF, we close...and we will not be pulling the bureau reports again".

 

Appraisal is at the end of the month...should clear underwriting by the 3rd (according to LO)...with paperwork sent to USDA shortly thereafter.

 

I understand that a new credit application (Lowes, Discover are all I have left on my wish list) is likely not yet in the cards. My question is, at what point is it safe to initiate some relatively benign credit activities (i.e. Barclay's CLI request since I had a 616 TU when I was approved and now have over 700)?


i guess i'm paranoid, I wouldn't apply for anything untill you are handed the keys to the house, seen too much stuff fall through at the last moment, read the home morgage forum here for more details. Don't want to lock your self out of another loan for 6 months to a year because first house fell through and now you have to begin the process again. 

 

 

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Message 4 of 6
Senior Contributor

Re: Credit Activities After Credit Pulls for Mortgage...

AFTER FUNDING and AFTER it has recorded at the county in your name.  I wouldn't believe your LO about a credit repull, mine was "refreshed" the morning of funding , the day AFTER closing.

Some get keys prior to funding and recording ( such as myself ) and some lose the house at that point (such as myself).  So just be safe.

Congrats!

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 5 of 6
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Regular Contributor

Re: Credit Activities After Credit Pulls for Mortgage...

I would wait till after closing. We applied afyer closing. They never did a soft or repull for us though. We closed in Friday it fundes on Tuesday but had keys Friday.

As for recording in some places it can take months in some places so I don't think I could have waited that long.
2/28/12 -TU FICO 646 3/28/12 TU-FICO 647 4/19/20 TU-662,
2/28/12 - EQ FICO 557 3/14/12- EQ FICO 600 3/16/12 EQ FICO 623, EQ FICO 628, 7/2/12 662
2/20/12 - EXP FAKO 620 3/16/12 FAKO 631 FAKO 643 3/28/12 655 (MTG pull) 5/7/12 698

CURRENT GOAL MID 640 LONGTERM 700 CLUBSmiley Happy
Message 6 of 6