How long ago was their original pull? Dipped since when? The balance may swing it, or also after 30 days the grace period for your initial mortgage pulls are gone and may now be counting against you. Guess that begs a third question how many cards do you have?
Anyway the second card reporting a balance could've whacked you; pay it, and if it comes to it just have them do a rapid rescore for some additional fee. If you're uber lucky it was a Chase card that will re-report once you pay it heh.
@Anonymous wrote:
@Revelate wrote:How long ago was their original pull? Dipped since when? The balance may swing it, or also after 30 days the grace period for your initial mortgage pulls are gone and may now be counting against you. Guess that begs a third question how many cards do you have?
Anyway the second card reporting a balance could've whacked you; pay it, and if it comes to it just have them do a rapid rescore for some additional fee. If you're uber lucky it was a Chase card that will re-report once you pay it heh.
Originaly pull was 5/27, so 120 days is 9/26. Scores started dipping in July as things that we paid off etc started dropping off, balances updated, etc.
He has 3 cards of his own (two Cap Ones and a Credit One), one he is an AU on (USAA), and then three he used to be an AU on but is no longer, but they still report for some reason.
When they pulled in May, Credit One had a $0 balance and wasn't even reporting, I don't think. When it became active, the scores started dipping. Balances/Limits went up in a big way (like 200%) on one of the Cap One's too, back in July. That limit increase actually hurt a lot. But even with all that, our DTI is around 25% with the new mortgage amount.
And, I'm curious, might they have pulled a new report during under writing? One of our conditions was an LOX for the only inquiry since they pulled originally. That would mean they pulled again, wouldn't it? But I don't see any inqueries on the reports I pulled today.
If you don't see the inquiry they didn't do a HP. Likely your balances shifting around is what got you... the Credit One card really wasn't reporting? Yuck, another reason to dislike that card if there weren't enough already. How does that work with their monthly fee that I thought they had?
Ideally when you're going through the process you keep changes to an absolute minimum though if an emergency came up you deal with it. Prepay the CC's (the usual small reported balance on one card for optimization) / leave most cards sock drawered / no CLI's / sit quietly on one's hands heh.
@Wovenyarn wrote:
I'm using VU as well. They pulled my credit twice before underwriting. I thought that lenders automatically do another credit pull right before closing? Is that not true?
Excuse typos. Iphone
Not necessarily, depends on the length of closing as the reports are only good for some amount of time. My own experience was just a single inquiry for both processes I went through though didn't close on the first one and the second one was under 30 days.
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@Revelate wrote:How long ago was their original pull? Dipped since when? The balance may swing it, or also after 30 days the grace period for your initial mortgage pulls are gone and may now be counting against you. Guess that begs a third question how many cards do you have?
Anyway the second card reporting a balance could've whacked you; pay it, and if it comes to it just have them do a rapid rescore for some additional fee. If you're uber lucky it was a Chase card that will re-report once you pay it heh.
Originaly pull was 5/27, so 120 days is 9/26. Scores started dipping in July as things that we paid off etc started dropping off, balances updated, etc.
He has 3 cards of his own (two Cap Ones and a Credit One), one he is an AU on (USAA), and then three he used to be an AU on but is no longer, but they still report for some reason.
When they pulled in May, Credit One had a $0 balance and wasn't even reporting, I don't think. When it became active, the scores started dipping. Balances/Limits went up in a big way (like 200%) on one of the Cap One's too, back in July. That limit increase actually hurt a lot. But even with all that, our DTI is around 25% with the new mortgage amount.
And, I'm curious, might they have pulled a new report during under writing? One of our conditions was an LOX for the only inquiry since they pulled originally. That would mean they pulled again, wouldn't it? But I don't see any inqueries on the reports I pulled today.If you don't see the inquiry they didn't do a HP. Likely your balances shifting around is what got you... the Credit One card really wasn't reporting? Yuck, another reason to dislike that card if there weren't enough already. How does that work with their monthly fee that I thought they had?
Ideally when you're going through the process you keep changes to an absolute minimum though if an emergency came up you deal with it. Prepay the CC's (the usual small reported balance on one card for optimization) / leave most cards sock drawered / no CLI's / sit quietly on one's hands heh.
I went back and looked and I guess it was reporting, just with a $0 balance. But at the end of August we got an alert that sais "An account that has been inactive for more than 4 months has become recnelty active." And that was the first time it had ever reported a balance since it was opened in March. This card doesn't have a monthly fee. It has an annual and it's interest is calaculated differently than any other card we've had (daily basis, no grace period before accruing, etc).
We've been trying to keep the changes to a minimum, no new credit, etc. But he uses his cards for work expenses....we're talking 6 - 21 day work trips where he has to front most costs up front and is reimbursed later. Normally we're reimbursed and pay them back down before they report, but last month that did not happen and so it poked that card to active and reported higher than normal balanced on his other two. All in all, it only added a $25 payment to our DTI, but dropped the score, and suppose it might look like we ran out and bought new furniture.
So should I give our LO a heads up or keep quiet, pay it down and hope to close before they need a new report? I really hate to see all this work go down the drain over something so silly as 6 score points because his employer was being slow on reimbursing us. :/
Just pay it. If it becomes an issue, rapid rescore can take care of it.