Escrow closing worries

[Anonymous]

Hi I just signed my final loan docs today I am not due to close until the 26th I am a little worried I had to use my credit card for reasons out of my control and ran up about 5k on my card me credit card does not report to the credit bureaus until the end of each month I was wondering if when my lender does the soft pull on my credit will it show up even though it has not been reported to the credit bureaus by the credit card company by the time they pull it ? My other questions is do they verify bank account balance as well? Please advise

[Anonymous]

It shouldn't show if it hasn't been reported prior to the last pull. I was able to close a week early, hopefully it will be the same for you. I would have a plan to address that cc bal in the event your closing is pushed out. My lender verified my banking balances all the way through the day after I wired in my remaining closing costs to escrow. They wanted to verify that it came from and cleared my acct. Good luck and keep us posted.

[takeshi74]

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@Anonymous wrote:
I was wondering if when my lender does the soft pull on my credit will it show up even though it has not been reported to the credit bureaus 

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No.  How would the report have the data if it was not reported?  If a midcycle update was performed then the report could be updated.

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@Anonymous wrote:
My other questions is do they verify bank account balance as well?

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You'd have to ask your lender.  I don't recall exactly how many times Chase checked our deposit account balances.  I think it was once.

[Anonymous]

Depending on the type of loan you're receiving, your lender may not have to do another credit pull. Don't be too shy to ask your lender. You don't have to explain the reasoning.

[Anonymous]

I was was only HP by my lender once, never checked to see if a SP was done prior to closing. I closed fast enough that the original pull didn't expire.

Each lender is different. Once I provided my December bank statements showing enough funds to close, I never had to produce another one (closed 1/19). The condition was met and they never asked again.

[Appleman]

All good advice, and remember that they want your loan to close as well. They will only be doing the checks that they are required to do by the company and/or underwriter.

Obviously two things to worry about, will the minimum payment on that balance push your DTI ratio too high and will the utilization hurt your credit score once it reports? If the transactions do not report on a statement before closing it would likely never be known. Think positive thoughts and be able to explain the neccesity of the credit card use only if asked. Good luck!

[Anonymous]

I gave them statements of account balance showing I had the closing amount I has to print out bank account up to date a couple weeks ago showing every transaction that was before I went to underwriting I have not been asked to provide any other bank statements besides the standard ones and the report showing every transaction up to date if the needed more wouldn't that have been their on the conditions before I signed my final loan docs ? The only conditionsolution to do when I signed my docs was to explain credit inquiries and previous addresses nothing else was asked of me

[Anonymous]

Also I called discover today and my statement cut date is the 26th the day I supposed to get my keys so if they run it before then I think I'm OK my payment due date is the 21st and my statement cut date is the 26th I believe they report to the bureaus on that date from what the lady told me I could do a balance transfer onto my chase card which has already updated on my report and will not update until next month the only thing is my lender sells most of their mortgages to chase and I don't want chase to see it as a red flag or will it matter since don't they sell loans after the loan is funded and closed ? Please give me some advice I have to do balance transfer asap if I want it to past by the due date

[cartwrna]

My lender only pulled my credit once. At initial loan application. I closed a month and 5 days after that.

[Anonymous]

Hi I am waiting for clear to close and just found out the fico score dropped a little however it is still above fha minimum. We just had to use our credit cards for medical expenses we didn't see coming. Do we have anything to worry about. We have no negative credit, and good income.I know our lender goes as low as a 530 fico score and we are above the fha minimum of 580. Thanks