When should I pull mortgage scores

[nate79416]

If I pull now it wont reflect everything that is reported the last day of the month right? My bank reports the last day of the month, I usually get alerts starting around the 3rd or so

[Anonymous]

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@nate79416 wrote:
FHA. I lost 23 pts on my TU report due to removing dispute comments, I pulled my TU and that has to be the reason, my credit card payment has not updated yet, should next week, they report the last day of each month. I am signed up for CK, my scores are borderline for a mortgage, maybe I should wait longer allow my score to go up, I dont know what to do. I have a good mix of revolving and installments. I pay everything on time, I only have one credit card $3500 limit paid down to $500. I have a loan with my CU I owe 1300, I can pay that off, I just need a BIG score jump. Should I garden? My fico 8 scores are TU 624 Ex 615 Eq 628, my mortgage score as of today is 610 for TU, I have not pulled the others, not until my cc updates and everything else does, most of all my accounts are through my CU. I want my scores pretty too lol, maybe I am being inpatient, because even after we get an approval we still have to wait 5 more months for them to build. I'm lost here....

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With 5 medical bills in collections and 1 CO showing on your report, I doubt your score is going to move much - as in "BIG score jump" until those fall off. I think those items are going to depress your score no matter what else you do. If your LO told you to leave them alone, then of course leave them alone. I'm not telling you to do anything about the collections or CO, just pointing out that your score isn't going to do anything dramatic until those go away.

[nate79416]

I understand and they are not going anywhere, not until 2019, ofcourse I can pay them and it will hurt my score even more, thinking maybe I should put the mortgage off and garden. Pay the baddies and just wait for my scores to go back up

[ezdriver]

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@nate79416 wrote:
If I pull now it wont reflect everything that is reported the last day of the month right? My bank reports the last day of the month, I usually get alerts starting around the 3rd or so

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My recommendation is for you to decide what is the #1 factor for you .... seeking preapproval next week? Wanting to the the effects of payoffs/paydowns later? You have multiple conflicting objectives ... or at least you have not identified as you #1 proiorty. As Revelate posted, apply according to your timeline requirements. My previous recommendation was based on your statement about wanting to seek a prequal in about a week.

[nate79416]

I am going to pull all 3 credit reports midweek,( after updates) and let a LO look over what needs to be done for approval, I'm thinking thats the best thing to do at this point, I am praying for an approval but if not I know I am in a position to fix whatever needs to be fixed. I have 9k in the bank, one question I do have, I am going to save like crazy during the building process, and will have all money needed for closing and down payment, is that okay? Or do I need to show the funds now. I really appreciate all responses, I really do, this board is AWESOME!

[Anonymous]

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@nate79416 wrote:

I am going to pull all 3 credit reports midweek,( after updates) and let a LO look over what needs to be done for approval, I'm thinking thats the best thing to do at this point, I am praying for an approval but if not I know I am in a position to fix whatever needs to be fixed. I have 9k in the bank, one question I do have, I am going to save like crazy during the building process, and will have all money needed for closing and down payment, is that okay? Or do I need to show the funds now. I really appreciate all responses, I really do, this board is AWESOME!

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I think so, too.

As far as funds are concerned, lenders are not going to consider funds you plan to have in the future. They only consider the funds you have now. Of course, you can discuss various scenarios with your LO just for educational purposes, but when push comes to shove, tangible, current funds are the only funds the lender will consider.

Keep us posted. I'm interested.

Marlena

[frugalQ]

if you are building a home and it's not scheduled to be completed in 4-6 months, you do not have to have all of the funds in your bank account now.   The lender will not send you to underwriting and formally complete your conditional approval until much closer time to close....that's when you will need to have the funds available.  

[nate79416]

wow thats good to know, so during this time I can also try and get my scores way up for a better rate maybe?

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@frugalQ wrote:

if you are building a home and it's not scheduled to be completed in 4-6 months, you do not have to have all of the funds in your bank account now.   The lender will not send you to underwriting and formally complete your conditional approval until much closer time to close....that's when you will need to have the funds available.  

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[frugalQ]

Yep!! What is the approx build time? Your credit report is only valid for a certain time period...it's lender specific but usually 60-120 days. If it takes 6 months to build your house, they will need to pull your report again anyway.

In our case, the report was pulled when we signed the contract to start the build. It took 7 months to build. About 4 months in, the lender pulled our reports again, and that's what they used for underwriting purposes.

[nate79416]

4-6 months, thanks for sharing your experience this helps me out alot, still waiting for my cc to update! Keeping my fingers crossed