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I think I messed up!

biggbailbonds
Regular Contributor

I think I messed up!

I have a Mortgage im trying to get through my bank (US Bank). When they pulled my credit they pulled EQ. and my score was 755 no baddies, only 3 inq and two of them were from US Bank, one for the mortgage, and one for a credit line they gave me when I started banking with them. When I went through all the BS they wanted me to do and we were getting ready to close they found a lein for a hospital bill my wife owed.. (she wasnt an applicant on the mortgage loan but since her name was on the property they put a lien on it). I paid the loan and the collections company gave us a full satisfaction of judgment. This process ended up taking long enough to time out the application so when we got it all back on track they ran my credit again!! Lucky for me i just paid off my two store cards and my credit went up so the next time they pulled it it was 762. The problem is my banker told me that the loan was approved we were just waiting for them to send me some disclosures that had to be sent via mail and that we would be closing in about 10 business days. Going off what she said and thinking since i was caught up and had no payments on anything and mortgage was handled, i went and applied for another credit card and ended up with two, an amex 4k cli, and a chase hyatt 9000 cli, and a Kays card to buy my wife a wedding ring. I have everything paid off already, but i hear now that new accounts lower your scores, and now im worried that the mortgage company will run my credit yet again and deny me!!! Can anyone tell me how this will affect my score??

Amex Business PRG (NPSL) - Amex Business SC ($25000) Amex BCE ($26000) - Amex HH ($1000) - Cap One Bus Spark - (6500) - Ceasars Rewards - (9000) FNBO ($16500) - USB Cash+ ($23000) - USB Plat ($20000) - Amazon Prime ($4400) - Chase Hyatt ($9000) - Chase Disney ($15000) - Vectra ($7000) -Discover it ($12000) - BOA (19500) - Lowes ($25000) - Home Depot ($8000) Kays ($7500) - Amer Furn Ware ($2500) EX-769 (3 inq) EQ-798 (11 inq) TU-809 (2 inq) Mortgage-40k Auto-19k 0% util
I do not have a green thumb... I suck at gardening!
Message 1 of 6
5 REPLIES 5
biggbailbonds
Regular Contributor

Re: I think I messed up!

at the time they ran my credit i had    amazon 1500 cli, vectra bank cc 7000 cli, american furniture warehouse 2600 cli, some appliance cc thru citi for 3000 cli, no baddies, 0% util, and a loan from chrysler capital running for 3 years now with 0 late payments on anything, no pr, 4 1/2 yrs history.. now i have everything here the same except for the 3 new accounts.

Amex Business PRG (NPSL) - Amex Business SC ($25000) Amex BCE ($26000) - Amex HH ($1000) - Cap One Bus Spark - (6500) - Ceasars Rewards - (9000) FNBO ($16500) - USB Cash+ ($23000) - USB Plat ($20000) - Amazon Prime ($4400) - Chase Hyatt ($9000) - Chase Disney ($15000) - Vectra ($7000) -Discover it ($12000) - BOA (19500) - Lowes ($25000) - Home Depot ($8000) Kays ($7500) - Amer Furn Ware ($2500) EX-769 (3 inq) EQ-798 (11 inq) TU-809 (2 inq) Mortgage-40k Auto-19k 0% util
I do not have a green thumb... I suck at gardening!
Message 2 of 6
Appleman
Valued Contributor

Re: I think I messed up!

Mortgage lenders will tell you not to apply for any new credit until the mortgage is closed and even registered. The mortgage forums does have the occasional story of people being denied for getting new credit.

 

Your AAoA (average age of accounts) will indeed decrease and this can lower your score.

The added inquiries can lower your score.

It can be common to pull a final credit report the day of closing.

 

So, if all your new accounts have reported to the bureaus, you can pull a 3B report on myFICO and see what your current mortgage scores are for you. Mortgage lenders often use your middle score and if it is above 740 you will likely get the most favorable rate.

 

Good luck and please come back and finish the story when you close.

Message 3 of 6
Aprile421
Regular Contributor

Re: I think I messed up!

My mortgage company gave me clear to close and a date. The morning of closing they ran a soft pull on credit right before signing even though they had pulled my credit 20days ago for the mortgage. So be aware they may soft pull you right before closing. My lender told me as soon as loan was funded I could apply for anything I wanted but I should wait atleast 3 days after closing for funding to fully happen.

Message 4 of 6
biggbailbonds
Regular Contributor

Re: I think I messed up!

This is a re finance... i guess i should have made that more clear also.. My loan request is for 45000.00 My house was appraised by some company the bank hired and it was appraised at 105,000.00  Now i have no liens, or any other debts. I did pay off the kays card so now i have a 0 usage with like 30,000.00 in credit. but the problem already happened in TU. they dropped my score 30 points because of util. on the kays card. I havent seen it yet on exp., or eq. my payment hasnt posted yet so i fear the worst... I do have most of what im asking for already in the bank in savings... i guess we will see...

Amex Business PRG (NPSL) - Amex Business SC ($25000) Amex BCE ($26000) - Amex HH ($1000) - Cap One Bus Spark - (6500) - Ceasars Rewards - (9000) FNBO ($16500) - USB Cash+ ($23000) - USB Plat ($20000) - Amazon Prime ($4400) - Chase Hyatt ($9000) - Chase Disney ($15000) - Vectra ($7000) -Discover it ($12000) - BOA (19500) - Lowes ($25000) - Home Depot ($8000) Kays ($7500) - Amer Furn Ware ($2500) EX-769 (3 inq) EQ-798 (11 inq) TU-809 (2 inq) Mortgage-40k Auto-19k 0% util
I do not have a green thumb... I suck at gardening!
Message 5 of 6
bettercreditguy1
Established Contributor

Re: I think I messed up!

 Fed regs stink. DW and my credit were pulled about a dozen times over a 60 day period during the process as we were zeroing out our cc's to look good for the underwriters.  AND then, an inquiry showed up. You would have thought WW3 hit. We had to send the  loan company a notarized letter swearing wife and I did not apply or take out any loans or purchase ANYTHING  on extended payments. Got loan closed but it sure created a ton of stress. Had we of done so, our loan would have gone back to step one of underwriting. Good luck!

Updated scores 12/7/2020 TU 849, EQ 821, Ex 829(all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 6 of 6
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