How many times will LO pull credit

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I have been approved for a mortgage and am due to settle sometime in July. Will the loan officer re-pull my credit prior to the actual closing date?

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

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Well, there's a possibility that your credit report may be verified again. This is because there is sufficient time period between the date of approval and the day when your loan is closed. And, in the meantime, your credit score may go down.

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I am just closed on a home mortgage. My broker wants to repull my credit in a month to see if everything connected with the loan took place OK. (Cashout includes payoff checks to 2 credit card companies.) Is this customary? Will it hurt my credit score if he does this?

smithsussane · Posted: Thu Oct 02, 2008 11:30 pm Post subject:

Hi M.Wertz!

Welcome to Forums!

The lenders have the right to check the credit just before the closing of the deal. It is not customary and I don't think it will hurt your credit score. The deal is already closed so I don't think it will affect the deal in anyway.

Sussane

gmakerley · Posted: Tue Oct 07, 2008 8:44 am Post subject:

m wertz - i don't see any reason for you to give permission to your broker to pull credit after your loan has closed. this is most definitely not customary; it is also not proper.

there would seem to be some ulterior motive here. what it is, i cannot say; but my advice would be to tell your broker to leave your credit report alone.

if you wish to be sure the cards got paid, call the card issuers!

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