Soft pull before closing

[Anonymous]

This may be a dumb question, but here it goes. My loan officer told me not to use any credit, don't spend any money, etc while doing our refinance. He said they will do a soft pull on my credit 10 days before closing. When they do the soft pull, aren't they going to see the balances on my last credit card statement? If my new statement doesn't cut until after closing, how would they know if I charged anything to my cc?

[ezdriver]

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@Anonymous wrote:

This may be a dumb question, but here it goes. My loan officer told me not to use any credit, don't spend any money, etc while doing our refinance. He said they will do a soft pull on my credit 10 days before closing. When they do the soft pull, aren't they going to see the balances on my last credit card statement? If my new statement doesn't cut until after closing, how would they know if I charged anything to my cc?

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They'll be looking for much more than just what you have spent on the credit card. This is normal process/procedure so don't sweat it.

[Anonymous]

Thank you! But, they will only be able to see what reports from my statement balance each month, right? My statement cuts the 11th of this month. He thinks we may close February 13th, and if they do the pull 10 days before, they will be seeing this months balance, correct?

[ezdriver]

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@Anonymous wrote:

Thank you! But, they will only be able to see what reports from my statement balance each month, right? My statement cuts the 11th of this month. He thinks we may close February 13th, and if they do the pull 10 days before, they will be seeing this months balance, correct?

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Liek I said...they will be looking for more than that. For example, they want to see whther or not you opening new credit or made a big purchase. They know that borrowers do these things all the time despite being told not to do them. Put another way, they believe in verifying vs trusting you to do the right thing by them.

[Anonymous]

I know they will be looking for inquiries, and basically to see if everything looks about the same as when I first applied. But, no one can answer my question. How can they see if you made a big purchase?? If they pull it and see this months statement balance, and I make a big purchase afterwards, how will they know?

[Gunnar419]

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@Anonymous wrote:

I know they will be looking for inquiries, and basically to see if everything looks about the same as when I first applied. But, no one can answer my question. How can they see if you made a big purchase?? If they pull it and see this months statement balance, and I make a big purchase afterwards, how will they know?

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They won't, unless that balance from that big purchase has reported on a statement. If they check your bank accounts again, in addition to your CRs, they'll also want to see that you haven't spent any huge sums or (strangely) gotten any inexplicable big sums in.

Seriously, don't worry. Your LO should have been more specific. What they're mainly concerned about on your CRs are: new inquiries, new accounts, and large balance increases in existing accounts.

[Anonymous]

Thank you so much for clearing that up for me! This whole experience is stressful, but our LO has a pessimistic attitude. He acts like we shouldn't even buy groceries during this time period.

[Anonymous]

Just be careful if you make a large purchase, there are some horror stories out there of CCC reporting a mid month balance after large purchases.....