JL22

Now I'm really getting worried. I have two TU scores, 6 days apart, that are 24 points different. My lender pulled on Jul 3 and got 668. They used CBC Innovis My credit union pulled on Jul 9 and got 644. Could a difference in scoring models be the cause of this, TU98 vs TU04? If/when my lender does a soft pull 10 days form closing and sees a 644, my loan won't go through.

Sorry I wrote that a little confusing. What I meant was that if you have a bunch of hard inquiries already, it may not impact you that much. In my example, I was saying if you already had, say, 10 inquiries, then 1 more probably wouldn't hurt you too bad in terms of points. If you had 0 to start with (which is unlikely since you're shopping for a mortgage) then add 1 inq, you might see a relatively larger drop in score. I have about 10 total inq on my TU right now, of which 5 count (< 1yr), and last time I applied which was about 3 weeks ago, I saw 0 point impact. You can google that "Backdoor TU" and you will find some guidance on how to get your report right away directly from the bureau, which would tell you if they ran a hard on you or not. I guess that point is moot since you confirmed you saw it using a different credit puller service. I think you'll be fine. 6pts is a lot of room when it comes to inquiries, in my opinion, but keep us updated on what it turns out to be. I had 2 inq on TU before the lender and the credit union pulls. Both from June 2011.

I'm currently at 66% revolving credit available (34% utilization) on my TU report. How much would I have to reduce that to have an impact?

I'm pretty sure the credit union pull was a hard pull. It shows up on my TU report I get from freecreditreport.com (i know, waste of money). The mortgage is conventional, so I can't go below 660. I'm not sure what this means, not current on all the creditboard.com lingo yet. I also read somewhere that FICO formulas don't use inquiries less than 30 days old so as not to ding you for rate shopping, not sure if this is true though. Same with this sentence, Backdoor Pull? Thanks

Bank pulled both my and my wife's credit last week for a mortgage application. My midscore was 668 (TU), hers 703 (EQ). On monday I stupidly went into my credit union to check on auto loan refinance rates and they pulled my credit from TU. I'm concerned that when the lender does a soft pull 10 days before closing that the second TU pull will drop me below 660 which would get the loan rejected. Am i worrying over nothing? Should I try to get the hard inquiry from the credit union removed? I never filled out an application, but I did give verbal permission to pull the credit. Thanks, Jason

FHA isn't an option. Home sale price is 350K and FHA lending limit in my County is 280K. But yes, if we were under the FHA limit, FHA PMI would be higher, i think.

My wife and I are in the process of purchasing our next home and we have a few mortgage options to consider. The first is a joint mortgage in both of our names. 30 yr fixed at 3.875, 5% down payment. My lower credit (approx 650) is hurting our rate and PMI payment. My wife has the ability to qualify on her own at a rate of 3.5%. Together with a lower PMI payment, the monthly payment difference is $144. The only catch is that her debt to income ratio is 51%. To qualify by herself the lender said she would need to at or below 44%. To get there, I could refinance 2 auto loans in my name only. This would require me to bring in about $2000 cash and would increase the monthly car payments by a total of about $25-30. So, the net monthly savings would be about $120. What should we do? A $2000 one time payment vs $120 per month over 30 years sounds like a no brainer, but time is also factor. To refinance the cars, get the proper documentation to the lender and then everything approved will take some time. All this for being late 33 days on a BOA credit card. Thanks in advance. - Jason