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Regular Contributor
Posts: 147
Registered: ‎03-21-2012
0

Credit pulls ADVICE needed please

My husband and I got our pre approval on oct. 1 and my mid score was 639 (1 point shy of the 640 my lender wants me to have) a week later a collection acct popped up on all three reports and dropped my mid score 30 points. Ofcouse we were in the process of going under contract at the same time. So I do some emailing and BBB complaining and received a letter last Monday that the acctvwould be deleted from all reports!!!! Yippee!!!! Wensday we filled out loan apps and my LO said he could do a rapid rescore but he would have to pull a new report showing the collections acct first. On nov 1 he pulls and trans and exp delete. So when he pulled only equifax was still reporting the acct. I had checked my EQ score at myFICO the night before and it was 611 but after his pull it was 604 :smileysad:. So I have two questions........should we do the rescore or wait for EQ to delete the acct since the other two have already done so and..why didnt my LO know his second pull was going to drop my score? It dropped my husbands score too. He said he could process our app with the scores he pulled on oct 1...shouldn't he have done that anyway?
Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Senior Contributor
Posts: 3,889
Registered: ‎05-24-2011
0

Re: Credit pulls ADVICE needed please

I honestly don't know if he is going to get away with processing it with the "old" scores.

I would wait for the collection to be gone before proceeding.
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
Regular Contributor
Posts: 147
Registered: ‎03-21-2012
0

Re: Credit pulls ADVICE needed please

If the first credit pull is only 30days old, is it common for a lender to pull credit again when submitting the loan app? I am sure that underwriters may pull again. 

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
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