Final Credit Pull Before Closing - Orchard Card Balance Concern

[Anonymous]

Hi everyone,

I'm set to close on my first home on July 6, and I am a first time homebuyer recovering from a bankruptcy in 09.  My loan is FHA, and it's really not an option for me to wait on the purchase; we will lose our deal, which is unthinkable in terms of my life circumstances right now.  In a nutshell, I was relatively close to my lender's 620 cutoff to begin with: a triscore merge of 652. Since I pay off my Orchard card balance in full every month, I thought nothing of making a $150 charge and paying it off as usual (the charge was actually made PRIOR to my preapproval credit pull, but it hadn't posted yet when the lender pulled it). I have since learned that that charge was a bad decision because it pushed me up to 50% usage of my $300 credit limit, which caused a significant drop in my credit scores. I would love to punch myself in the face for that, but what's done is done.

I have been monitoring my credit information at Credit Karma and Credit Sesame up to this point, and they were both within 2 points of my lender's hard pull scores for TU and EXP, so I assume they are fairly accurate estimates. Although I paid off the whole $150 charge on May 31 (well before the due date), it still shows on both CK and CS as my current balance. My statement date for this card is usually around the 20th of the month, which is probably when my lender will be pulling my final credit verification (around 10 days before closing). In terms of timing, is that a good thing or a bad thing? My current scores (via CK/CS) are a 648 TU and 620 EXP, putting me VERY close to the 620 cutoff for my final credit pull. Obviously, time is of the essence here, and I'd love to get my scores back up and breathe easier about closing. 

So, given my situation, what will help my score the most:

Leaving the card at a 0 balance this month and hoping the 0 posts before my lender pulls my final numbers?

Making a small charge for $10-20 and hoping that posts in time?

Should I try something like a rapid rescore? Or ask for it if the final pull goes awry?

Should I try to stall for time on closing or rush it? 

FYI, I have no other active credit cards, just student loans, paid as agreed. Also two collection items that I have already paid off and documented with my lender. Any insights you all have will be greatly appreciated. I've already found so much useful information here--wish I had found this forum sooner!!!

[techgirl]

Since you are so close, I wouldn't do anything with your credit. Hopefully your have your downpayment that you need and you want to be  sure to leave money in your savings too.  My LO told me not to do anything but save cash, no overdrafts, make sure you do not have any  comments on your report from any TU, EX or EQ, begin practicing a letter regarding why you went through Bankruptcy and why things are different now and why they should risk giving you a loan. IMHO Save $$. Good Luck! Listen to your LO.

[Anonymous]

Thanks for your reply! We do have all our cash for closing/downpayment ready to go, plus an additional 3k in savings for some new furniture/move-in expenses. If my final scores are too close to the wire, I'm really hoping that I can just use that 3k to "buy my way out" of a problem for the first time in my life. My LO didn't seem too worried when I talked to him about the credit card balance because he knows I pay it off every month.....he is more concerned about my DTI ratios on the loan, so that also makes me worry that I might have to use that extra 3k to reduce my loan amount. I guess I need to find a healthy distraction to keep myself from obsessing over this in the meantime.   

[techgirl]

Yeah.... I know all about over obsessing..... Best idea is to continue to save $$. If you had more time, then yeah, pay your credit cards down, etc.

[Anonymous]

My card updates on my credit report like clockwork within a week of my new bill cycle. So for example, one of my cards has a due date of the 22nd of each month. A new bill (for me at least) is generated on the 23rd. So a few days before the first, my balance from the 22nd posts on my credit report. So, since you've already paid the balance, it will likely report a week after your billing cycle ends/begins. Also, I have discovered that since I have two credit cards with the same company, both of my balances update twice a month. Strange, but it certainly keeps me on my toes!

[Anonymous]

So what I was getting to is, if you have the balance paid you will get your points back if it posts before they pull your credit again.

[Booner72]

Yes your points will come back providing nothing else changed on your reports that also affect the scores.

Why don't you call Orchard up and beg them to update early to the CRA's? They might do it for a fee or even free, but maybe not at all. Dont take the first "no" answer you get, go up the food chain...be as nice as pie and grovel!