Final credit check

[Anonymous]

I am in contract on a new home and closing in 3 weeks. I am a nervous wreck and worried that something will come up on my final credit check and blow this all up. I have talked to my LO about this and he has told me 2 different times that I do not have anything to worry about so long as I have no new inquiries or new tradelines. When I asked about my credit score changing because my balances on cards have been increased he told me that was okay, they use the initial min payments and credit score from when I was pre-qualified. Has anyone else seen this be the case in regards to the final check? I know I should probably trust him, I just don't want to get my hopes up just to have the rug pulled from under me. 

[kc0039]

No new inquiries and if your balances/payments are lower than the initial credit pull, we'll keep the higher balances/payments to be conservative in our debt-to-income calculation. You should be fine. 

[Anonymous]

What if the balances and payments are higher than when first pulled? This is with Homeside Financial if that matters.

[kc0039]

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@Anonymous wrote:

What if the balances and payments are higher than when first pulled? This is with Homeside Financial if that matters.

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We'll update the balance and the payments and make sure the loan still works. If the loan doesn't work anymore, your loan officer or processor will call you and tell you which credit cards to pay off. If the loan still works, you'll hear nothing and you should be good to go.

An increase of $10-$50 in CC payment isn't a big deal. Heck an increase of $200 in minimum payments isn't a big deal if the debt-to-income ratio allows it. It'll all depend on your situation. Unless your debt-to-income is really tight, I wouldn't worry about it.