Soft pull before mortgage closing

[Cmcgriff92]

I waited 2 years for my home to be built and I'm right at the finish line....My LO says my report is good for 120 days because she just pulled my report but with that being said I'm scheduled to close with in 30 days before my credit expires!  I just had a late payment show up after she initially pulled and I only had one late payment when she initially pulled which was acceptable for usda. Does anyone know if I will be ok whenever they do the soft pull right before closing with the extra late payment added in ?? I'm soooooo scared!!!! Will the soft pull show a new late payment or will it just show new inquiries and balances to make sure I didn't take on any new debt??? Which I have Not

[Remedios]

SP is done in real time, so new late payment will be visible to the lender.

The 120 days only means that during that period they won't place another hard inquiry.

As far as content, there is no difference between soft pull and hard pull 

[Cmcgriff92]

So does that mean I'm pretty much screwed when they do the soft pull? Is there anything I can do before then ? also i was told they use my same score unless credit expires then they have to do another pull so do you know why the soft pull ? Or is the soft pull only when credit expires?

[Cmcgriff92]

Also the late payment is on a account that is closed so will that matter if it's a closed account? 

[JoeRockhead]

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@Cmcgriff92 wrote:

Also the late payment is on a account that is closed so will that matter if it's a closed account? 

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There's a lot of unknowns here. What was your relationship with the creditor like, did you have a good payment history with them aside from this one late payment? Also why was the account closed and who closed it? I would say if you had a great history with them and depending on the reason the account was closed, and who closed it, you might be able to contact them and very humbly give an explaination for the late, and kindly ask if there's any way they could delete the late payment in a gesture of good will.

[Cmcgriff92]

So basically I made my payment like i normally do but then I had fraud on my bank account so then my bank stopped all transactions but I thought my card company already got their part and I didn't know that they didn't until my points dropped on my score and I never had a late payment the whole year and a half that I had the card 

[Remedios]

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@Cmcgriff92 wrote:

So does that mean I'm pretty much screwed when they do the soft pull? Is there anything I can do before then ? also i was told they use my same score unless credit expires then they have to do another pull so do you know why the soft pull ? Or is the soft pull only when credit expires?

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There really isn't much you can do other than to try GW removal. Might take several tries, most lenders won't do it, but it doesn't hurt to try.

Soft pulls are done to "check" for material changes such as late payments, charge offs, increases in balances and new loans (might case change in DTI). 

You need to contact your loan officer, explain to them what happened (they will find out anyway, so it might be better if it comes from you) and see what they say. 

[CreditCuriosity]

best thing is to talk to your mortgage person ASAP and discuss.  As discussed a HP is good for 120 days but they will SP the last week before you close before the UW will give final approval for funding.  Whether this late hurts you I can't answer that the best thing is to contract as mentioned loan company talk to your loan person you have been working with and be up front with what happens and get their advise etc.   Goto the source not the forum for this question

[Cmcgriff92]

Ok I will do that and be more specific with her because all she told me is they could potentially check but she didn't say would for sure and she said inquiries and new balances but she didn't say any lates so I was confused