topic Re: At closing, how old can scores be? in Mortgage Loans

At closing, how old can scores be?

MBOhio2 — Tue, 06 Dec 2011 15:44:59 GMT

I searched the forums, but cannot seem to find the answer to my question.

Maybe I'm completely making this up, but I thought that at the time of closing (FHA loan), the lender would need credit scores that were no older than 30 days old. Is that correct? So for example, if at closing my most recent credit scores were from 45 days ago, they would have to re-pull the scores. Any truth to this?

I need a quick answer, thanks!!

Re: At closing, how old can scores be?

Anonymous — Tue, 06 Dec 2011 15:48:48 GMT

I have been told that for FHA credit scores are good for 90 days. They may repull credit to check to see if there is any new credit however.

Re: At closing, how old can scores be?

MBOhio2 — Tue, 06 Dec 2011 16:05:39 GMT

Ok, we're about 45-60 days from closing, so I just wanted to see if pulling scores now was too early. However, I'll just ask my lender generally if they'll need to re-pull for any reason. Thanks!

Re: At closing, how old can scores be?

Anonymous — Tue, 06 Dec 2011 19:29:31 GMT

Scores are good for 90 days, but more than likely, your credit report will be refresh. They can get an updated report without pulling scores. They can either order a report with scores or a refresh the report without scores. Refreshing the report is cheaper. Your report will have any updated info, but not a fico score.

Re: At closing, how old can scores be?

Booner72 — Tue, 06 Dec 2011 21:21:05 GMT

+1 = they updated, not repulled for me. My LO said only good 60 days, so that must have been a lender policy, not FHA policy.

Re: At closing, how old can scores be?

MBOhio2 — Tue, 06 Dec 2011 21:31:11 GMT

So they'll likely refresh just the report data itself prior to closing? Good deal.

Re: At closing, how old can scores be?

Anonymous — Wed, 07 Dec 2011 02:32:43 GMT

Yes, refresh it. 90 days probably was just my lenders policy. For an example, I told my lender to repull my report to see that I did in fact pay off a card, however, she said she will not repull my report, but will refresh it. Thats how I found out about the policy. Lenders have to pay everytime they request fico scores. Thats why they perfer to just refresh it. Imagine lenders constantly paying over and over to get a new report for thousands of people when they only charge you once for a report. Also, the Lender can only pull your fico scores once every 30 days because if they do it will just be the same score; I was told this from my lender.