Credit pull? Residential Home Funding? When?

Anonymous · ‎01-08-2012

Hello.

We are set to close the last week of January.

We are going USDA

We were told to pay off medical accounts, which we did.

I signed up on here, and it looks like the middle school dropped ALOT to 651

We are going USDA.

Questions

Do you know when they pull their second credit report?

Will the 651 kill everything since USDA wants a 660

If a pay down a credit card tomorrow, is there any chance it will reflect on my score by closing

Please help! Dana

PixieQueen80 · ‎01-08-2012

Paying a credit card down will more than likely increase your scores. The ideal is to get all down to zero with the exception of one at 1-9% of its limit. If time is an issue ask your loan officer to do a rapid rescore. There is a fee associated however I think it is well worth it to get the desired scores.

Starting Scores (7/26/2010): EQ 517; TU 508; EX 527 (lender)
Scores Along the Way (11/4/2010): EQ 542; TU 547; (11/8/2010) EX Plus 641
Scores Along the Way: (4/15/2011): EQ 516; TU 622; EX 585 (lender)
Scores Along the Way: (8/25/2011): EQ 617; TU 627; EX 625 (lender)
Scores Along the Way: (11/28/2011): EQ 617; TU 645; EX 667 (lender)
Current Scores: (8/9/2013): EQ 634; TU 662; EX 694 (lender)
Closed on a Home: 12/30/2011 Goal Scores (8/25/2014): 700 club

DallasLoanGuy · ‎01-08-2012

PixieQueen80 wrote:If time is an issue ask your loan officer to do a rapid rescore. There is a fee associated however I think it is well worth it to get the desired scores.

lenders are not supposed to charge for rapid rescore. violation of respa i think.

but many do. dumb or lazy i guess

Retired Lender

Anonymous · ‎01-08-2012

If I pay it off tomorrow, when should I ask the LO to do a rapid rescore?

Is this going to raise flags as well?

Does anyone know if 660 is an Absolute MUST with USDA?

boomhower · ‎01-08-2012

@Anonymous wrote:
If I pay it off tomorrow, when should I ask the LO to do a rapid rescore?
Is this going to raise flags as well?

Does anyone know if 660 is an Absolute MUST with USDA?

It doesn't raise any flags. It gets your info thats needed updated fast, hence the name. It helps the lender as they will not be able to fund otherwise. Take the above advise, pay everything but one with a small <9% balance for max effect. Ask when told your score has to be higher.

Anonymous · ‎01-09-2012

im going usda direct and they repull credit every 6 months (180 days). 120 days for new construction i believe.