Mortgage Application Question

Anonymous · ‎06-03-2021

My husband and I had just talked to a lender we wanted to go with today. We were not quite ready to apply as our credit reports will be updating soon with much lower balances. We were just waiting for the update to make us look the best to the lender. We started the application. Barely made it two sections and we both got notices that our credit was pulled. We haven't even submitted the application! How do we go about fixing this? Thank you!

Turbobuick · ‎06-03-2021

@Anonymous wrote:
My husband and I had just talked to a lender we wanted to go with today. We were not quite ready to apply as our credit reports will be updating soon with much lower balances. We were just waiting for the update to make us look the best to the lender. We started the application. Barely made it two sections and we both got notices that our credit was pulled. We haven't even submitted the application! How do we go about fixing this? Thank you!

Usually a social security number is necessary for a credit pull. Did you offer personal info to the lender? It's already pulled, may as well see the offer.

Michizane · ‎06-04-2021

Normally there is a disclosure when you are able to submit your application for a credit check. But it is not a good idea to hit "next" on a page that asks for your social security number unless you are ready. If they actually did pull credit, you might as well complete it as there is not much you can do. Maybe the lender will be able to do some kind of rapid rescore once your reports are updated...or ask you to apply again once your reports have been updated and delete your old application (inquiry will remain tho). As for the inquiries, you have 14 days to apply for mortgages where the impact to your score will be one credit pull.

Anonymous · ‎06-04-2021

It's pretty common for the lender/broker to pull the report to see what they're up against to get you approved. Although if you expressed clearly today that you were not interested in a credit pull they shouldn't have, though you can't really get too far in your discussion without one. You had to of provided the information and authorization to do so.

Good news is that it shouldn't hurt too much and that this will allow you to progress in those discussions. Your report will be good for 45 days+ usually, but one of the mortgage pros can correct me. I had 1 pull when I met with my broker back in January and I too was kind of upset about the pull, but realized he couldn't have helped me get approved to where I am today (closed 5/14) had he not seen it and provided me direction to fix my problems before application time.