Second credit pull before closing..... Just became more common.

[Chelacobra]

I am having the same issue. I have very little credit... Not bad, just very little and my score was in the 630's when they checked it for preapproval and for a second soft pull about a week later for initial underwriting. I am now in final underwriting and checked my score (soft) to make sure I was still above 620 for the program I am underwriting for and it went down to 609! Not a single thing has changed: no new accounts, no collections, nothing other than the 2 hard inquiries for mortgage pre-approvals. I am so worried that this disqualifies me! I am set to close this Friday and I'm freaking out as I have been so careful with my credit and to see the score drop this much before closing! Should I be worried even though NO NEW DEBT, INQUIRIES, OR COLLECTIONS are on my credit and its the MORTGAGE UNDERWRITING PULLS that have impacted it negatively? Reassurance please! Or tough love!

[MaRain]

---

@DallasLoanGuy wrote:

---

@Anonymous wrote:

I closed in Beaumont, Texas this week.  No second pull.  I was a little disappointed cause my FICO scores had gone up about 50 points!  LOL

---

I am sure that the second credit pull would not help you in any way... only hurt you.

I thought that mortgage pulls, within a certain time frame, counted as 1 inquiry and addtional pulls within that time would not be scored (by FICO)?

[Chelacobra]

Clearly not especially if you have only a few items on your credit. I only have 2 accounts (car and closed credit card all current) and no collections, etc. Nothing whatsoever changed on the report other than the mortgage inquiries and I lost 25-30 pts.

[swtneka]

I think that each bureau has they own rules cuz on EX and EQ i have 3 pulls and on TU I have 7 and Tu is my lowest score. and happen to be the median score they have used in the pass. I was shopping for CC and applied for 4 and Tu has each one listed but EX and EQ only have one. I am scared myself what a pull might do to my score better yet 2 when I go shopping for a lender in about a month.

[DallasLoanGuy]

---

@Chelacobra wrote:
I am having the same issue. I have very little credit... Not bad, just very little and my score was in the 630's when they checked it for preapproval and for a second soft pull about a week later for initial underwriting. I am now in final underwriting and checked my score (soft) to make sure I was still above 620 for the program I am underwriting for and it went down to 609! Not a single thing has changed: no new accounts, no collections, nothing other than the 2 hard inquiries for mortgage pre-approvals. I am so worried that this disqualifies me! I am set to close this Friday and I'm freaking out as I have been so careful with my credit and to see the score drop this much before closing! Should I be worried even though NO NEW DEBT, INQUIRIES, OR COLLECTIONS are on my credit and its the MORTGAGE UNDERWRITING PULLS that have impacted it negatively? Reassurance please! Or tough love!

---

lenders usually use the original report.... as long as a judgment or something didn't pop up you are likely fine.

some lenders don't do a second pull unless that file was selected ffor audit.

my company does when the file is audited. but we have a big tolerance for score changes and such.

new credit popping up screws things up more than a little fico drop.

[DallasLoanGuy]

---

@MaRain wrote:

---

@DallasLoanGuy wrote:

---

@Anonymous wrote:

I closed in Beaumont, Texas this week.  No second pull.  I was a little disappointed cause my FICO scores had gone up about 50 points!  LOL

---

I am sure that the second credit pull would not help you in any way... only hurt you.

I thought that mortgage pulls, within a certain time frame, counted as 1 inquiry and addtional pulls within that time would not be scored (by FICO)?

---

in theory, yes. and seems to work that way for me.

but look at my answer above again. the lender wont re-price the deal when credit score goes up.

and if you see my other answer above, we don't ding you if the score dropped.

YOUR lender should be able to quote you THEIR policy

[Chelacobra]

Thanks for info and contributions! Final underwriting asked for a couple last docs (updated checking statement, wire confirmation of my 81K down from my savings account) today and I noticed they pulled the credit again yesterday so hoping they already took that into consideration. All I can do is wait and hope at this point! Had to extend close date 3 business days so shooting for next Tuesday now (35 day close). Just can't wait for this stressful process to pass!!

[Chelacobra]

FYI in case anyone is wondering--- my FICO score actually went up on the second hard pull. My FAKO score was lowered (the one I see through the monitoring service) which triggered panic mode for no reason. Those monitoring sites are barely worth the time it takes to sign up much less my hard earned money!