topic Re: 2nd pull for new construction - hard pull or soft pull? in Mortgage Loans

2nd pull for new construction - hard pull or soft pull?

Anonymous — Wed, 02 May 2012 18:50:35 GMT

I was pre-approved for an FHA loan Monday and we are electing to buy new construction from a local builder. Since the pre-approval is only good 90 days and the build will take 120-145, my LO said that she would re-pull my credit 30 days before closing. Will that be a hard pull or a soft pull? My midscore is a 710 so hopefully I have enough buffer...but can't help worrying a bit after coming this far!

Re: 2nd pull for new construction - hard pull or soft pull?

CopperHD — Wed, 02 May 2012 21:27:04 GMT

I believe it will be a hard pull, at least with me it has been.

Re: 2nd pull for new construction - hard pull or soft pull?

Anonymous — Wed, 02 May 2012 22:01:47 GMT

Bummer. But thanks.

Re: 2nd pull for new construction - hard pull or soft pull?

namvet — Wed, 02 May 2012 22:15:15 GMT

It will be a tri-merge pull (all 3 bureaus). With your score i don't think you have anything to worry about. The second pull is to see if your credit profile has changed since your orginal application (new accounts/debt etc). Good Luck!

Re: 2nd pull for new construction - hard pull or soft pull?

Anonymous — Wed, 02 May 2012 22:24:49 GMT

Namvet, thanks so much for confirming. I am a person who likes to know what to expect. It was painful to get the ScoreWatch alert yesterday telling me information on my report had changed due to the inquiry. However, I have an inquiry from June 27th last year that should fall off before the 2nd pull, so hopefully that will have an equalizing effect. Keeping hope alive!

Re: 2nd pull for new construction - hard pull or soft pull?

jules0580 — Mon, 11 Jun 2012 17:43:50 GMT

Sorry to hijack your thread here but I have a question and dont know where to post it as a new question, when people say they can tell if a LO or someone has done a soft pull, which program or site are you using to see that, I can only ever find the hard pulls on myfico and creditkarma etc?

Re: 2nd pull for new construction - hard pull or soft pull?

boomhower — Mon, 11 Jun 2012 18:00:38 GMT

@jules0580 wrote:
Sorry to hijack your thread here but I have a question and dont know where to post it as a new question, when people say they can tell if a LO or someone has done a soft pull, which program or site are you using to see that, I can only ever find the hard pulls on myfico and creditkarma etc?

You can see softs when you pull your report from the bureaus. It's been a while since I've pulled my FICO scores but I think it lists them as well.

OP: They are just checking to make sure you haven't added debt or any derogs have showed up.