Credco Pull

[anca21bi]

I met with a financial counselor last week in preparation for mortgage pre-approval. She pulled, what said she a soft-pull of my credit report and score. When I see the report, all my balances are from 9/2013.   Then the next day I get an alert from Score Watch telling me that an inquiry was listed from Credco and now I lost 3 points, so is this a hard pull always and the counselor is trying to lie to me and does Credco operate a month behind? I thought I would get something in real time or close to it, if it is for a mortgage loan?

[CAnNY]

If you received an alert, then yes i believe it was a HP. To my knowledge a SP can not be done by a mortgage lender, unless they were attempting to target you for a refi or something along that line.

The alert I receive are for HP, don't know of a service that alerts you for SP.

[Panamanian]

Yes credco is a hard pull...and sometime they pull up to three times. I had this happen to me. Also call your credit card company and telling them your balances are reporting inaccurately. Good luck

[foofighter74]

Depending on when the credit card companies report...they may not have reported October balances by the time the inquiry went through.  You don't need to call your credit card companies...they will report when they report.  The balances aren't inaccurate, they just weren't updated at the time the pull happened.  If there will be a significant difference in terms of DTI or credit score that you need to show, then they can do a rapid rescore or just wait.  If it's within a 2 - 3 week window, depending on the credit bureau, it's not going to have any impact on your score. 

In fact, you may want to use the credit reports that were pulled when searching for a pre-approval.  See if the mortgage companies will take that report. Otherwise, make sure all inquiries occur very close together and you'll only take that original hit.

[montoya83]

Credco is a hard pull... when I had my credit pulled for a pre-approval they used Credco.