Orchard: 800-395-6090 (May get answered in Spanish by bilingual CSR's. If this happens and you don't speak Spanish, either try again later or try saying "Habla ingles?" or "Ingles, por favor" to let them know you're an English-speaker).
I just called HSBC and they told me that the CLI request would require a hard pull. How will this affect my credit rport? The reason I ask is I currently have a mortgage loan pending with a lender via FHA and I am right around the 620 mid-score requirement. I do not want to drop below the 620 threshold. How much will my score drop and how much could it potentially improve if I am approved for a CLI?
I just called HSBC and they told me that the CLI request would require a hard pull. How will this affect my credit rport? The reason I ask is I currently have a mortgage loan pending with a lender via FHA and I am right around the 620 mid-score requirement. I do not want to drop below the 620 threshold. How much will my score drop and how much could it potentially improve if I am approved for a CLI?
You should not be app'ing or asking for CLI's that require a hard inq during the six months leading up to the approval of a mortgage. You need to halt now or you proceed at your own peril! A small difference in the APR on a mortgage will end up costing you a fortune!
I told them I would call them back on the call as I didn't want to authorize a hard pull. I thought it might help my credit score if I could get my limit increased...but I guess I will hold off for now. I don't want to run the risk of not getting the loan I have been approved for. Haha.
New accounts and fresh inquiries lead to questions you really don't want to deal with the week of your closing. Surprise reconsideration of your financing gets very ugly.
