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New lender pulls credit 4 days apart

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DrWright81
New Member

New lender pulls credit 4 days apart

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...

Message 1 of 11
10 REPLIES 10
madmann26
Valued Contributor

Re: New lender pulls credit 4 days apart

Not uncommon. They are assessing risk and making sure your credit is staying on track.

If it bothers you that much, call and ask them about it.

Current FICO 9 Scores



Message 2 of 11
BrianB_The_Loan_Professor
Valued Contributor

Re: New lender pulls credit 4 days apart

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

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 3 of 11
n0smirc
Regular Contributor

Re: New lender pulls credit 4 days apart

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. 

Message 4 of 11
DrWright81
New Member

Re: New lender pulls credit 4 days apart

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. 

Message 5 of 11
ezdriver
Senior Contributor

Re: New lender pulls credit 4 days apart


@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.

Message 6 of 11
n0smirc
Regular Contributor

Re: New lender pulls credit 4 days apart

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.

Message 7 of 11
DrWright81
New Member

Re: New lender pulls credit 4 days apart

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
Message 8 of 11
n0smirc
Regular Contributor

Re: New lender pulls credit 4 days apart


@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. Smiley Sad

 

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!

Message 9 of 11
DrWright81
New Member

Re: New lender pulls credit 4 days apart

Yes unfortunately I did find out about Wells...and the hard way Smiley Frustrated 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. 

Message 10 of 11
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