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same lender, is a second credit pull within 30 days possible?

marauder1314
Established Member

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?

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ShanetheMortgageMan
Super Contributor

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.

Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
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