Lender says he HAS to use our scores for next 90 days - why can't he repull these?

[Anonymous]

Our mortgage officer pulled our scores on 9/12. Though myFICO scores will be up (due to reducing debt ratio down to 5%) in a day or two, he says he can't rerun our credit for NINETY days, that he has to use what he's got. This seems ridiculous. What is the point of credit repair or rapid rescore or reducing debt ratio of this is the policy? Has anyone else run into this problem where a lender won't pull the scores again within 90 days? 

My mid-low score on myFICO is showing at 716. On his model its showing as 694  -- which I am really mad about -- so he's saying there aren't many/any options for us with my mid-low being below 700. He was wanting to know "where I got my numbers" and I told him myFICO which is a primary model available to consumers. 

He also suggested we just finance things "as is" with the scores we have now, but could refinance in 6 months. 

Thoughts or feedback on this? At this point I feel like we should quit our home search for 3 months. 

[sarahcatherinemay]

I would talk to a different lender. 

There are options for a mid-score of 694. That's just crazy - you qualify for conventional, FHA .. 

Don't forget that lenders are commission, so they should always be earning your business! If something doesn't seem right with what they are telling you, get a second opinion. There are plenty of great lenders that would love the opportunity to earn your business. 

You aren't stuck with one. 

[TimeToRecover]

most lending institutions for mortgages have the ability to estimate your score with various changes.  I have seen posted on here that they are very accurate (unlike the junky ones we have access to).  

I would ask him for more detail it may be that using that estimator there isn't room for improvement.  

But if there is rapid rescore should be available.

[StartingOver10]

Agree with sarahcmgreen - you aren't stuck. Find another lender

[ezdriver]

I'd drop that lender/loan officer in a New York minute! That LO's statement just leaves me wondering what is behind it. Something does not seem right.

[ShanetheMortgageMan]

Some lenders have policies that credit can't be re-checked until the current credit report expires.  They get the idea that you are artificially increasing your credit scores, thus it's not representative of an accurate credit picture.  Lame policy, but some of my cohorts work for places that have them.  As long as it hasn't been submitted to underwriting, most lenders should be fine re-checking your credit to obtain new credit scores.  Once it's submitted to underwriting, a new credit check usually isn't permitted (the exception is if the report expires of course).