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Reporting date of new balance on NFCU CLOC - closing on mortgage next week

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jg1983
Regular Contributor

Reporting date of new balance on NFCU CLOC - closing on mortgage next week

Not sure if this is the best place for this post or not. But I'm wondering if I increase the balance on my NFCU CLOC when will the new balance be reported on my credit. Here is my situation. We are closing on a land purchase that we are financing next Friday. We saved up the down payment but were a little short on the closing costs. Our lender told me it doesnt matter where the closing costs money comes from as long as we can show where the down payment comes from. She told me it wouldn't be a problem to pull money from our CLOC for this. She also said we wont have to worry about it dropping our credit scores as they will not be pulling our credit reports again before closing unless our file is audited and even then its only a soft pull. 

 

Before we applied for the mortgage we got all our credit card and CLOC balances down to zero and our mortgage scores went above 720. Earlier this week I pulled $2000 from the CLOC for closing costs. Now we have all the money needed to close in a savings account at the bank that is giving us the loan ready to go. My question is in the unlikely event (according to the lender) they pull our credit again before closing are they going to see the new $2000 balance on our CLOC and will our credit scores change right away? When do balance changes on NFCU CLOCs get reported? The customer service person at NFCU told me they report at the end of every month but couldn't tell me more than that. Will it be reported after my due date which is the 15th or is it gonna show up on my credit report in the next few days? If it matters when I log into the NFCU app it shows the new balance but no due date or minimum payment due yet.

 

I could care less how this impacts my credit after we close next week as I plan on paying it back down to zero fairly quickly. I am just a little concerned this will pop up on my credit before closing and they will audit our file and see it and worst case our scores will be too low for the mortgage (they all have to be above 700). Maybe I'm over thinking it and worrying too much. Three things have to happen I guess for this to impact our closing negatively. First our file has to be audited. Second the balance has to be reported by NFCU. Third this has to impact our scores enough to bring at least one of them below 700. Any insight on this is appreciated.

1 REPLY 1
SouthJamaica
Mega Contributor

Re: Reporting date of new balance on NFCU CLOC - closing on mortgage next week


@jg1983 wrote:

Not sure if this is the best place for this post or not. But I'm wondering if I increase the balance on my NFCU CLOC when will the new balance be reported on my credit. Here is my situation. We are closing on a land purchase that we are financing next Friday. We saved up the down payment but were a little short on the closing costs. Our lender told me it doesnt matter where the closing costs money comes from as long as we can show where the down payment comes from. She told me it wouldn't be a problem to pull money from our CLOC for this. She also said we wont have to worry about it dropping our credit scores as they will not be pulling our credit reports again before closing unless our file is audited and even then its only a soft pull. 

 

Before we applied for the mortgage we got all our credit card and CLOC balances down to zero and our mortgage scores went above 720. Earlier this week I pulled $2000 from the CLOC for closing costs. Now we have all the money needed to close in a savings account at the bank that is giving us the loan ready to go. My question is in the unlikely event (according to the lender) they pull our credit again before closing are they going to see the new $2000 balance on our CLOC and will our credit scores change right away? When do balance changes on NFCU CLOCs get reported? The customer service person at NFCU told me they report at the end of every month but couldn't tell me more than that. Will it be reported after my due date which is the 15th or is it gonna show up on my credit report in the next few days? If it matters when I log into the NFCU app it shows the new balance but no due date or minimum payment due yet.

 

I could care less how this impacts my credit after we close next week as I plan on paying it back down to zero fairly quickly. I am just a little concerned this will pop up on my credit before closing and they will audit our file and see it and worst case our scores will be too low for the mortgage (they all have to be above 700). Maybe I'm over thinking it and worrying too much. Three things have to happen I guess for this to impact our closing negatively. First our file has to be audited. Second the balance has to be reported by NFCU. Third this has to impact our scores enough to bring at least one of them below 700. Any insight on this is appreciated.


The balance is reported to the bureaus shortly after the end of the month.

If your credit report is pulled it will show up.

If they pull your score, yes it will be factored in.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

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