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Hello everyone! I have a question about lender pulls. My lender pulled our credit for initial application on 2/15 and now that we are signing disclosures, I received an alert from my monitoring service that they did another hard pull today...4 days later. Is this a normal thing for lenders to do a second hard pull so close to the first? Should I say something? It only changed my score by 2 points but still...
I would disagree a second pull that close without reason is uncomon - had you fixed something and they needed an update that would be one thing but in a scenario where nothing has changed I cant see a reason to do a second pull so quick?
Normally a seond pull if done is at the end of the process - at that point they would be looking for new credit to show up etc
It's not usual to pull multiple times in such a short period. I would ask them why there are multiple pulls so close together and/or see if the second could be removed from your report. It's extremely unlikely to have anything change in just a matter of a few days unless you told them something was updated that would significantly improve your mortgage chances that they missed on the first pull.
I remember fairly recently that someone posted about a poor experience with a lender where they repeatedly pulled the buyers credit reports and due to all the inquiries, their scores started dropping. The buyer believed that all the needless extra inquiries was lowering their score below the optimal rates and then the lender told them their now lower credit scores warranted a higher interest rate. They ultimately went with another lender due to these actions.
No changes or reason for another pull. I did ask my LO why two pulls were done in such a short time. I really hope the lender isn't trying to intentionally hurt my score so they can hike up the interest rate on us.
@DrWright81 wrote:No changes or reason for another pull. I did ask my LO why two pulls were done in such a short time. I really hope the lender isn't trying to intentionally hurt my score so they can hike up the interest rate on us.
You are certainly due a good and prompt explanation. Please post back the answer you get from your loan officer.
http://ficoforums.myfico.com/t5/Mortgage-Loans/Wells-Fargo-Mortgage-Inq-s/m-p/2703787
I found the thread... btw I hope you're not attempting to get a loan through Wells Fargo.
@DrWright81 wrote:
Ironically, the reason I am with this lender IS because I was denied by Wells 2 weeks prior to close because of an open collections that had been there from the beginning. I had paid for the appraisal, inspection, and survey was done. We were literally one step away from clear to close and then whammo! Denied! I have strings of emails from the LO saying it wouldn't be an issue...yeah right! I had a good mind to pull my money out and go to another bank. But no, it isn't wells lol
Oh so you already found out about Wells on your own, I'm so sorry you had to go through that.
Hopefully this was just an error and not a sign of things to come. Good lucky and hopefully you'll be in your new home soon!
Yes unfortunately I did find out about Wells...and the hard way I am still thinking about if I want to put some reviews up somewhere about the company. What makes me so mad is the LO had no remorse for anything. She never once said, I'm sorry I really dropped the ball on this one. Nothing. Oh well. I hope the new lender can pull me out of this mess and close the loan. I will keep you all posted.