When will lender rerun credit reports?

[Anonymous]

At what point in the mortgage process will a lender pull credit reports the second time? I accidentally used a credit card to pay a utility and it’s reporting a balance. So instead of AZEO I have 2 cards reporting utilization. The first card at 10% and the second at 57% (it’s a $700 limit card. FPB- yes I know....). The statement on the FPB card if set to cut tonight. As we all know they do t Allie overpayments so unless ComEd doesn’t post tonight I’m screwed. I can pay it off but I’m terrified at what this could do.

We are still in the inspection period. Meaning we just got back the results and submitted them to seller for remediation. Closing is set for 6/22 so I have sometime.

[Kree]

Which card is it?

Some, such as Chase, will rereport if you pay to 0.

Others like Discover, will rereport after a payment if you call them and ask nicely.  (might not have to be done nicely, but I suggest asking nicely anyway)

[me12345]

Generally a "re-fresh" is done within 10 days of the Note date...so about 10 days before close.

Also, anytime the credit report has aged more then 90 days during the process, your lender could pull a full report so that they are using a current report.... This usually happens when the borrower has been looking for home foe a while and does not get an accepted offer right away.

Thanks,

[Anonymous]

The card is first premier bank. My initial CR was run 4/6 for a pre approval. We went under contract on 4/12

[Anonymous]

I’m hoping that they dont run a second report until after 5/20 when I can get the payment in and show a zero balance

[kc0039]

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@Anonymous wrote:
I’m hoping that they dont run a second report until after 5/20 when I can get the payment in and show a zero balance

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We just update the balance and payment. The score will stay the same.

[CreditCuriosity]

For that small amount I doubt it would matter?  I think they are looking for bigger swings or new inquiries/credit?  Weird thing is on my loan I just recently did I just got pulled initially and never pulled again being even a SP as I viewed a week after my closing and no SP's after the initial tri-merge.  Sure they had monitoring turned on while in the loan process to track and inquiries/new accounts showing up.  Sister in another state also just went through a mortgage and she was also only pulled once and no SP's even before or after closing as well.  Suppose it is all on which lender/broker/etc one uses?  

[JVille]

Just pay it off ASAP and don’t change your circumstances in any way!

[Anonymous]

Ours was pulled only once for preapproval. We did have the monitoring on for inquiries but that was it. It was pulled 9/18 and we closed 11/10 so well over the 30 day mark.

[homeloanexpert]

FYI, our credit reports are good up to 120 days (which I just found out from one of my Underwriters). Every lender is different of course, but as a matter of policy for my company, the Underwriter pulls a refresh the day they clear the file to close, before handing off the file to the Compliance/QC Dept.and on to the Doc/Funding Dept. Call it 1-3 days before closing. You should have plenty of time to pay down your cards. Try to keep them at 10% or less but never $0. Best wishes to you!