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Help! Credit score down

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Anonymous
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Help! Credit score down

Hi folks,

 

I am in a bit of a pickle: I applied for and was approved on a 5/1 ARM at 4% about 20 days ago. My credit scores at this time were all around 720. The rate is locked by the lender and I am set to close this Friday. I am not sure the underwriter has run all the numbers, as they had a problem with something on the house insurance, documentation on a distribution from my Roth IRA and a credit the seller was going to give me at closing.

 

I haven't opened any new accounts since then, but I have allowed my balances to go up on my current accounts. I haven't paid my one card which is due by the end of the month yet (it will post a payment on 5/28). I just got an alert telling me that my balances are up (from $0 to $712) on another card which is correct. This dropped my score to 669 (!). Not good. Am I in danger of losing my loan? Should I pay off the second card now (even though it's not due until 6/15)? Should I pay of the first card now? Please help!

 

If it matters, I currently have about $4500 left aside after closing, the card that is to be paid on 5/28 currently has a balance of ~$2000 (but I was going to pay the last statement balance of $1400) and I get paid at the end of this week as well.

 

Thanks,

Nathan Ward

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1 REPLY 1
ShanetheMortgageMan
Super Contributor

Re: Help! Credit score down

The lender may not re-pull credit (most don't until the credit report is older than 90 days), and even if you did pay down the balance, would it update by the time you need to close?

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
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