Final Credit Pull-Hopefully a lender can help.

Anonymous · ‎07-11-2018

When do they typically do the final credit pull for a mortgage. I had two cards that I had not used in a while and didn't want them to be shut down so I charged on them and mis-judged when the statement cut so an increase reported on each. One was $194.00 and one was $138.00 I didn't panic because I knew they would update with lower balances before I closed. Well USDA here did a big jump in the day they were reviewing and they are only 7 days away from when my file was submited. The new lower balances will report around the 25th - 28th but now I am afraid we may close sooner. I also got a couple of soft pull credit line increases. One for $200.00 one for $300 and one for $1,000 which they may just assume they were auto CLI's and I didn't charge anything on those cards at all. Most balances went down.

So basically when is the final soft pull right before closing and would a balance increase under 200.00 plus my CLI's cause me to lose my loan? Thanks so much for your time!

homeloanexpert · ‎07-12-2018

I just answered this question for another person. You don't need to worry about the credit refresh that is pulled by the UW or Funder just before closing. Most lender's credit reports are good for 90-120 days. We only pull a refrefresh just before funding to ensure that the borrower has not opened any new accounts. We don't check scores and if your balances have gone up slightly, no worries!

Branch Manager - Specializing in FHA, VA, USDA, Conventional, Jumbo, Portfolio and Non-QM Loan Products.

Anonymous · ‎07-12-2018

What about if a new collection shows up between the initial hard pull and the refresh? I have a medical account that has been turned over to a collection agency that hasn't been reported to CRAs yet.

Anonymous · ‎07-12-2018

Thank you so much @homeloanexpert you have really put my mind at ease. I have followed these boards for about 7 years and finally improved my credit to the point of being able to fulfil my dream of homeownership. You are the best!

Anonymous · ‎07-12-2018

@Anonymous wrote:
What about if a new collection shows up between the initial hard pull and the refresh? I have a medical account that has been turned over to a collection agency that hasn't been reported to CRAs yet.

I am sure a loan officer would know better but I am pretty sure most medical collection companies will work with you and not report. I had a $1,500 bill for a test they sent me a letter that it had been turned over. I called within the 30 day window and have set up payments and as long as I dont' miss one (they come out automatically) it will not be shown on my credit report.

MauiMan85297 · ‎07-12-2018

@Anonymous wrote:
What about if a new collection shows up between the initial hard pull and the refresh? I have a medical account that has been turned over to a collection agency that hasn't been reported to CRAs yet.

If it doesn't impact your score to the point you don't qualify then I wouldn't worry about it and nor would we.

Gladius · ‎07-12-2018

@MauiMan85297 wrote:
@Anonymous wrote:
What about if a new collection shows up between the initial hard pull and the refresh? I have a medical account that has been turned over to a collection agency that hasn't been reported to CRAs yet.
If it doesn't impact your score to the point you don't qualify then I wouldn't worry about it and nor would we.

This is what our lender advised. We have used the same LO for our last 3 home purchases so he knows our history and our credit worthiness so he maybe impartial with us, which in this case is good.

Anonymous · ‎12-09-2019

I know this is an older thread but I’m hoping there’s someone who can give me some insight.
We were pre approved for a USDA loan around 20 days ago with a loan officer pulling our credit. We found a home and signed the P&S on November 27. We officially applied with a lender on 12/2. Today, we had our credit pulled again. Is this normal? I know it’s different for everyone and every situation is different but it was my understanding that there was one HP at the time you apply and then again just before closing. I wonder why the lender felt they needed to pull again with a report less than 30 days old?