Mortgage Pre-approval

[Anonymous]

I was recently pre approval for a mortgage with my significant other. She has excellent credit and clean history. I have fair credit with collections in 2016, paid, and also late payments in 2016. I have not been late since, nor have I had anything else go into collections. I also got a new credit card this past April.

Could this hurt our chances of final approval? My score will only be improving since we paid off credit cards after pre approval.

[EaglesFan2006]

Did you get the pre-approval after you got the card in April?  Assuming that you had the card and it was reporting to the credit bureaus, the lender would've looked through your credit report and rolled all of that into the DTI.

I'm new in the process so I'm no expert, but every lender I spoke with indicated that unless you have credit decline, income loss, or something of that nature, you should be good for final approval.  So defintely don't seek any more credit.

Basically, as long as the lender was aware of your collection and late payment and new card prior to giving the pre-approval, you should be good assuming you stay on track.

[Anonymous]

Hi. Thank you. Yes the pre approval was after the card was opened. I figured these things would be taken into consideration during the pre approval process, but I wasn't sure if it could come up during final review. The lender is aware of bad credit history back then, but I did not mention the new credit card because I didn't think about that, until yesterday. At this point, I was thinking they would have seen it when they pulled my credit.

[EaglesFan2006]

Most likely they did see it, but for peace of mind you might just want to reach out to them to verify.

[Anonymous]

I will be thank you.