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Established Member
Posts: 50
Registered: ‎04-05-2012
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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

Member
Posts: 18
Registered: ‎06-30-2011
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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.

Established Member
Posts: 19
Registered: ‎05-16-2008
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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. 

Established Contributor
Posts: 715
Registered: ‎08-26-2011
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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
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Established Member
Posts: 19
Registered: ‎05-16-2008
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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.

Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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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
Contributor
Posts: 88
Registered: ‎02-21-2009
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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.

Valued Contributor
Posts: 1,863
Registered: ‎09-20-2011
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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.

New Member
Posts: 5
Registered: ‎09-26-2012
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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.

New Member
Posts: 5
Registered: ‎09-26-2012
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Re: Do they pull ANOTHER credit before closing?

I just realized this is a very old post. Sorry

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