Credit Pull before closing

[Anonymous]

We have been approved for a FHA loan through NFCU. The initial credit pull was done on 5/23/2018, we are less than 22 days to closing and just 2 days ago I had a collection come out of nowhere on my credit report which has caused my score to drop. My question is, Will NFCU do another credit pull before we close? or since the initial credit pull was done within the 90 days will they use that?? 

Please help!!!!

[Anonymous]

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@Anonymous wrote:

We have been approved for a FHA loan through NFCU. The initial credit pull was done on 5/23/2018, we are less than 22 days to closing and just 2 days ago I had a collection come out of nowhere on my credit report which has caused my score to drop. My question is, Will NFCU do another credit pull before we close? or since the initial credit pull was done within the 90 days will they use that?? 

Please help!!!!

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Sorry to hear about that collection popping up out of nowhere! (My biggest fear) My closing is in 12 days so I'm right there with you. My loan officer said that the credit they pulled on me on 7/1 was good for 90days so it shouldn't be pulled again. 

But I'm sure someone on here with more knowledge will chime in.

[fltireguy]

I almost went with them, I had an application in, but they pissed me off because the LO was impossible to get a hold of.

They told me that they would do a credit refresh before giving a clear to close. They would not pull a complete report though

[Anonymous]

My understanding is that the credit pull before closing is a soft-pull that only checks to see if any new credit has been established that would change the DTI. Scores changes aren't considered at that point.

[Anonymous]

Thanks, and Good Luck 

[ShanetheMortgageMan]

Not sure what NFCU's policy is, but I know some underwriters that if they see a collection pop up on a credit refresh (what the final credit check that is done at closing is called) then they'll want to know if the score has changed.  Can you do a PFD with the collection?

[Anonymous]

I asked about a PFD but they said it was not their policy. I am in the process of disputing, wasn't sure how it would look on the credit refresh while being disputed. I also may settle or pay in full just not sure how it will look on the refresh 

[Anonymous]

I asked about a PFD but they said it was not their policy. I am in the process of disputing, wasn't sure how it would look on the credit refresh while being disputed. I also may settle or pay in full just not sure how it will look on the refresh