Does Wells Fargo Pull More Than Once?

[Anonymous]

Does anyone know if wells fargo will pull your credit at or shortly before close or at all a second time?  I have found some older posts saying that they only pull once but would like to see if anyone has recently experienced one or the other.

Thanks to any replies!

[youdontkillmoney]

In in escrow right now and Wells pulled only once at the beginning of the mortgage app process...I I will post in my thread 

http://ficoforums.myfico.com/t5/Mortgage-Loans/My-1-Million-Mortgage-Journey-Here-We-Go/m-p/4694384#...

if they pull again at close.

[Anonymous]

Thanks!!

[mynameainttracy]

They pulled us twice. But...we were building and our first pull was about 6 months prior to the second. 

[Anonymous]

Thanks for the reply.  I assume there is an expiration of sorts to where they have to pull again after x amount of time.  Hopefully I don't fall into that catagory as I will be closing in less than 60 days from preapproval.  We shall see

[Anonymous]

On that note - the reason I am worried is that I took 10k from a BofA credit card.  It was one of those 2 year no interest deals.  I assume even if they do pull and see it - If i can show that the money is sitting idle in an account for an emergency - they would not be as pissed.

[StartingOver10]

^^^Not a good idea at all. Let your LO know right now what you have done. It affects your DTI ratios.

[Anonymous]

It is what it is at this point.  I dont think it will be a major issue.  If it is - ill just put the $ back on the card and give them proof of paypoff.

I got an email yesterday for my conditional approval so maybe I am out of the woods?  We shall see.

[Anonymous]

Conditional approval is not out of the woods, they are required to give a answer of some sort within 30 days of application. Being honest with your loan officer is best. Tell him what you did and ask if you should put the money back.

[StartingOver10]

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@Anonymous wrote:

It is what it is at this point.  I dont think it will be a major issue.  If it is - ill just put the $ back on the card and give them proof of paypoff.

I got an email yesterday for my conditional approval so maybe I am out of the woods?  We shall see.

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No, you are not out of the woods. The prior poster is right. But to put it a little more plainly - you are obligated by signing the loan application to inform the LO of any changes to your financial condition during the course of the loan. This includes increasing your debt load.