same lender, is a second credit pull within 30 days possible?
I'm working with a lender on a HELOC and my credit was pulled showing a mid score in the high 600s because we had used our only large credit card to make a big purchase and that high balance was reported to the bureaus. It's been a little under 2 weeks since the pull and in the meantime, we've paid the card off. I asked them to report to the credit bureaus off-cycle which they did yesterday (haven't seen an alert that our balance has changed, yet.) I suspect that this will push our scores back into the mid 700s again like they were prior to the high balance.
I wouldl like to use this lender since I've already sent them income and an appraisal has already been done but I would like to take advantage of my higher score which would require them to re-pull my credit... the loan officer says that he would need to wait for 30 days before doing so. Is this accurate? Is there any way around it?
Re: same lender, is a second credit pull within 30 days possible?
Each lender will have their own policies regarding when credit can be re-checked. I bet if there was a good enough reason for them to re-check credit so soon after the previous pull they would consider it, such as if a 700+ score would result in better loan terms, so I'd ask the loan officer if you can request an exception to the 30-day rule. Might be helpful to obtain your FICO scores here first and offer them as proof your scores have improved.
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