topic Re: Soft Credit Pulls in Mortgage Loans

Soft Credit Pulls

Anonymous — Wed, 16 Sep 2020 00:36:52 GMT

Can a soft inquiry affect your underwriting when they do the final soft pull at the end? The Reason I am asking is becausae I'd like to use the Home Depot pre qualify checker to see if I would be elgible for a Home Depot store card. But I won't do it if it'll risk my home loan.

Thanks for help

Re: Soft Credit Pulls

Anonymous — Wed, 16 Sep 2020 01:17:54 GMT

@Anonymous Softpulls can only be seen by you, the consumer, not even by the mortgage lenders.

Re: Soft Credit Pulls

Anonymous — Mon, 28 Sep 2020 06:51:27 GMT

Nope, you are good. You are the only one who can see the soft pulls.

Re: Soft Credit Pulls

Anonymous — Thu, 17 Dec 2020 22:40:50 GMT

@Anonymous wrote:
@Anonymous Softpulls can only be seen by you, the consumer, not even by the mortgage lenders.

Thanks for that info!

Re: Soft Credit Pulls

JVille — Sat, 19 Dec 2020 00:26:59 GMT

First Time Home Buyer..... don't do it! That all I gave to say as a lender and Underwriter of nearly 30 yrs. why take the risk and believe info this important from a website in the Internet. Is getting this info wirth the risk? Really?
First question is it worth it?

Second who says it's a soft pull

I will just leave it at that.

Re: Soft Credit Pulls

Anonymous — Sat, 19 Dec 2020 04:18:43 GMT

@JVille wrote:
First Time Home Buyer..... don't do it! That all I gave to say as a lender and Underwriter of nearly 30 yrs. why take the risk and believe info this important from a website in the Internet. Is getting this info wirth the risk? Really?
First question is it worth it?
Second who says it's a soft pull

I will just leave it at that.

This is very well documented information it's even codified as law that it cannot be divulged to anyone other than the consumer.

Don't take my word for it, read the law. It's linked in the Primer linked at the top of my signature.

Re: Soft Credit Pulls

Anonymous — Sat, 19 Dec 2020 01:50:32 GMT

i’m expressing no opinion about the Home Depot pre-qualifier which I know nothing about, but a soft inquiry can only be seen by the consumer.

Re: Soft Credit Pulls

JVille — Sat, 19 Dec 2020 01:53:14 GMT

Obviously I won't argue with you but Best Practices say DON'T DO IT!! Period...

Re: Soft Credit Pulls

peter1974 — Sat, 19 Dec 2020 02:11:53 GMT

@Anonymous wrote:
i’m expressing no opinion about the Home Depot pre-qualifier which I know nothing about, but a soft inquiry can only be seen by the consumer.

The point @JVille was making is that there's no 100% certainty that something will only be a soft pull. So why take the risk? I'm about to close and I'm not doing anything that involves my social security number outside of the mortgage process. Even when I was setting up utilities, I asked them not to run my social security number until the day after I close. Of course I know it's a soft pull but I'm paranoid like that right now.

Re: Soft Credit Pulls

JVille — Sat, 19 Dec 2020 02:26:14 GMT

First I must give Credit where and when it's due @Anonymous is the community expert. So he has his facts correct, I'm sure of that.

I however am an old school lender and my time was long ago before anyone ever heard of Fico Scores. I am not trusting and just because a big outfit like Home Despot says it's a soft pull how do I know the idiot (IT) setting up the program isn't having a bad week... if they ask for your SS # I don't care what the Law says in my opinion you should Stop and don't risk it.

Re: Soft Credit Pulls

Anonymous — Sat, 19 Dec 2020 04:12:02 GMT

That’s why I specifically had to add a disclaimer about the Home Depot site because while a soft inquiry can only be seen by the lender, yall are correct as well, that that doesn’t mean what you think will be a soft inquiry will be a soft inquiry. it could turn out to be a hard inquiry. That’s why I had to add the disclaimer.

I agree that there’s no reason to run the risk. unless you had all three locked or frozen, I wouldn’t personally.

Re: Soft Credit Pulls

Anonymous — Sat, 19 Dec 2020 04:20:55 GMT

@peter1974 wrote:
@Anonymous wrote:
i’m expressing no opinion about the Home Depot pre-qualifier which I know nothing about, but a soft inquiry can only be seen by the consumer.
The point @JVille was making is that there's no 100% certainty that something will only be a soft pull. So why take the risk? I'm about to close and I'm not doing anything that involves my social security number outside of the mortgage process. Even when I was setting up utilities, I asked them not to run my social security number until the day after I close. Of course I know it's a soft pull but I'm paranoid like that right now.

@peter1974 If I recall correctly utilities are a HP. I'll have to double check but I'm pretty sure, so that was a wise move.

Re: Soft Credit Pulls

Anonymous — Sat, 19 Dec 2020 04:26:41 GMT

@JVille oh and thank you for the kind words. I stand on the shoulders of giants, but I'm still learning.

Re: Soft Credit Pulls

peter1974 — Sat, 19 Dec 2020 04:27:14 GMT

@Anonymous wrote:
@peter1974 wrote:
@Anonymous wrote:
i’m expressing no opinion about the Home Depot pre-qualifier which I know nothing about, but a soft inquiry can only be seen by the consumer.
The point @JVille was making is that there's no 100% certainty that something will only be a soft pull. So why take the risk? I'm about to close and I'm not doing anything that involves my social security number outside of the mortgage process. Even when I was setting up utilities, I asked them not to run my social security number until the day after I close. Of course I know it's a soft pull but I'm paranoid like that right now.
@peter1974 If I recall correctly utilities are a HP. I'll have to double check but I'm pretty sure, so that was a wise move.

Funny because our realtor set us up with a utility service company that handles all the set up and the guy swore up and down that it was soft, but I didn't trust it.

Re: Soft Credit Pulls

Anonymous — Sat, 19 Dec 2020 04:30:22 GMT

@peter1974 wrote:
@Anonymous wrote:
@peter1974 wrote:
@Anonymous wrote:
i’m expressing no opinion about the Home Depot pre-qualifier which I know nothing about, but a soft inquiry can only be seen by the consumer.
The point @JVille was making is that there's no 100% certainty that something will only be a soft pull. So why take the risk? I'm about to close and I'm not doing anything that involves my social security number outside of the mortgage process. Even when I was setting up utilities, I asked them not to run my social security number until the day after I close. Of course I know it's a soft pull but I'm paranoid like that right now.
@peter1974 If I recall correctly utilities are a HP. I'll have to double check but I'm pretty sure, so that was a wise move.
Funny because our realtor set us up with a utility service company that handles all the set up and the guy swore up and down that it was soft, but I didn't trust it.

@peter1974 very smart, I checked, they do hard pull for some, but I cannot say that all do.

I remember getting in a long discussion about it. I thought I remembered correctly.

Re: Soft Credit Pulls

JVille — Sat, 19 Dec 2020 04:36:00 GMT

Utilities that check credit is not an issue. When that final credit check happens just prior to Docs being drawn they are looking for new Accts and Credit seeking like Home Depo..... they are not concerned about the Gas or Electric company. JMHO

Re: Soft Credit Pulls

peter1974 — Sat, 19 Dec 2020 04:47:47 GMT

@JVille wrote:
Utilities that check credit is not an issue. When that final credit check happens just prior to Docs being drawn they are looking for new Accts and Credit seeking like Home Depo..... they are not concerned about the Gas or Electric company. JMHO

The utility rep mentioned that too. But my concern is more about impact of a pull on my scores. I'm right at the threshold with a middle score of 643.

Re: Soft Credit Pulls

JVille — Sat, 19 Dec 2020 04:54:23 GMT

Well the good news is Lenders do not pull Fico scores at that point of Documents being drawn. They are only checking for changes in balances (small changes is ok) and new credit and credit seeking. So shopping for Refrig or new car is a big No No! When are you closing?

Re: Soft Credit Pulls

peter1974 — Sat, 19 Dec 2020 05:18:35 GMT

@JVille wrote:
Well the good news is Lenders do not pull Fico scores at that point of Documents being drawn. They are only checking for changes in balances (small changes is ok) and new credit and credit seeking. So shopping for Refrig or new car is a big No No! When are you closing?

We close on 12/30.

Re: Soft Credit Pulls

JVille — Sat, 19 Dec 2020 05:20:07 GMT

Are you approved and Clear to Close?