Last Minute Credit Pulls

[Wanna700ASAP]

Hello Fico Board,

I have a somewhat diffrent sitatuion and need help from you guys.

I currently have a conditional approval for USDA loan here in florida my loan was sent to USDA yesterday after I satified all of the conditions on the loans it was all easy  stuff. My question is does USDA pull credit scores? My processor says they do not. she says my scores are good for 60 days which stills gives us about 30 more days until they expire. She says they will pull a gap report prior to closing just to make sure i did not get any new debt, which i have not. WHATS A GAP REPORT?

Also does the lender pull credit SCORES prior to closing?? My score is so close to 640 im afraid it will drop below. 

[playboy]

1.  USDA doesn't pull credit scores.  

2.  From Credco: "Designed to help lenders satisfy requirements under the Fannie Mae Loan Quality Initiative (LQI), the LQ GAP report provides a fully automated variance or "gap" reporting solution that identifies and summarizes any changes in a borrower’s credit report between pre-approval and pre-funding".

3.  Lender pulls prior to closing vary from lender to lender.  Some do some don't.  However, the gap report could be your final pull.  I don't know if the gap report is a hard or soft inquiry.  It's probably soft.

[Wanna700ASAP]

Thanks Playboy.... this helps

[jkwheaton78]

I just spoke with my LO and he confirmed that they will be re-pulling my credit but only looking to see if I have obtained any new credit.  They will not be looking at scores at this point or anything else. 

[jkwheaton78]

And also, LO said it will be a soft pull, or won't affect my credit score at all.