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Do they pull ANOTHER credit before closing?

Established Member

Do they pull ANOTHER credit before closing?

I thought I seen this thread but now I cant find it.... After I sumbit to underwriting do they pull your credit anytime after that?

 

 

 

Background informaiton:

 

My middle score is 623, and needs to be 620. If that score changes in the process will they know? Do they pull anotehr report during this process? I am going for a USDA loan and just sumbitted to underwritting

Message 1 of 12
11 REPLIES

Re: Do they pull ANOTHER credit before closing?

We are currently in uw right now for a VA loan and they pulled our credit twice while in uw. We are set to close next week and I won't be surprise if they pulled it again. We have seen a total of 3 inquiries from the lender since the initial application. I have read around on this forum and different forums and it shows that it all depends on your lender as well. But I am pretty sure they will pull it before closing just to see if there is any new credit or other things on there that they should be concern about.

Message 2 of 12
Established Member

Re: Do they pull ANOTHER credit before closing?

Ours was pulled once for the initial approval, again during underwriting and once more the day before closing. 

Message 3 of 12
Established Contributor

Re: Do they pull ANOTHER credit before closing?

Wow three hard pulls on all three bureau's? Jesus. Well, it looks like I won't be app'ing for anything for 2 years once I get my condo.

Transunion: 713 FICO (5/13/2014) MyFico
Experian: 789 FICO (4/10/12) Lender Pull
Equifax: 695 FICO (1/10/14) MyFico

My cards: Chase United Mileage Plus 7000CL (3/12), CITI Simplicity 1800CL (9/12), Cap1 Platinum 1000CL (2/10), Cap1 Cash back 1500CL (11/11), Apple Barclay's 2500CL (11/11), Discover IT 6000CL (5/13)

My Primary Financial Goal is to put down my utl%.



Message 4 of 12
Established Member

Re: Do they pull ANOTHER credit before closing?

The first was a hard pull with all three credit bureaus, the second was a soft, and the third was a hard pull from Equifax.  They used Equifax Mortgage Services.

Message 5 of 12
Super Contributor

Re: Do they pull ANOTHER credit before closing?

 

I think it also depends on how long it takes you to close ~ the underwriters probably consider a credit pull to be good for a certain number of days ( maybe 30, 45...) and if it takes longer to close then they'll probably pull it again.    I would ask your LO to check with underwriting, but just to be safe I would count on it happening again before closing.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 6 of 12
Contributor

Re: Do they pull ANOTHER credit before closing?

They do, and you will receive written notification of this fact. I am in the final stages of refinancing a second investment property, four hard inquiries, over a three month period. My median score dropped from 807, to 801.

Message 7 of 12
Valued Contributor

Re: Do they pull ANOTHER credit before closing?

It varies.  Mine only pulled once for the initial pre-approval and that was it.  I closed in around 30-40 days start to finish.

Message 8 of 12
New Member

Re: Do they pull ANOTHER credit before closing?

It really depends on your lender and such. I closed today on an FHA loan and they never pulled another report. I started the process in June. The lender said if we closed after today then they would pull another one so I guess mine was good for 90 days. Now I did have to submit an affidavit saying I didn't get any new debt.

Message 9 of 12
New Member

Re: Do they pull ANOTHER credit before closing?

I just realized this is a very old post. Sorry

Message 10 of 12