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Dervrak

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  1. Thanks for all the replies! Just some follow up. The situation kind of resolved itself. The seller requested that closing be moved up a week to this Thursday, Jan 17th from Jan 24 (guess they needed the funds to close on a new house and didn't want to live in a hotel for a week) and surprisingly my bank obliged. Also, I explained the situation with the painters and carpenters and they said they would go ahead and schedule the work and I could pay them the deposit after closing. I flat out asked the loan officer at the bank if their underwriters ran another credit check the day of closing (now bear in mind this is a small regional bank, not one of the large national mortgage companies, so their procedures might be a little more lax), he said he had never heard of such a thing and said once the underwriters released their "final approval" and the closing documents, they were out of the process entirely and had never had an issue pop up with after the final approval and closing documents were released in his 18 years at the bank. (though he had a few people back out at the last minute). He also said that it wouldn't have mattered in my case anyway because I was nowhere near "borderline" (paying over 30% down, high credit score, great debt to income ratio).
  2. I am purchasing a house and plan to do some renovations as soon after closing as possible. However, my realtor advised me not to apply for any loans or other credit during the process as it could impact my credit profile and give the bank an excuse to break my rate lock (got a sweet rate lock before the latest rate increase in December). Closing is within two weeks, I've already received final approval and received all my final closing documentation. I would like to go ahead and get the contractors set up and ready to go so they can hit the ground running as soon after closing as possible. I've already got the carpet installers set up, but I paid the deposit out of pocket, I also plan to have a full paint job and some trim work done. So is it "safe" at his point to apply for other credit/loans, I've gotten some no interest offers I would like to take advantage of. Or is there a chance the bank could pull my credit again sometime before closing?
  3. A little background, I have very good credit (790-815 depending on the credit bureau on my latest 3B reports through MyFico). Not a single blemish, the last time my credit report was pulled was 2017 for an auto loan. I opened a Walmart Mastercard ($5,000 limit) in 2011 through Synchrony Bank, it wasn't one of my "regular" cards as the interest rate was higher than most, but I always put at least one charge on it every couple months to show activity and keep it open. Well during a recent check of my credit report I noticed my score had dropped several points and the reason listed was the Wal-Mart Mastercard had been "closed by merchant". I promptly called thinking there was a mistake and was told my account had been closed because I no longer met the credit standards set forth and the account couldn't be reopened, which was appropriately vague and of course they wouldn't give me any more information other than to tell me I could get a copy of my credit report. So this is where it gets really odd. In a fit of annoyance I went right to the Wal-Mart credit card site and filled out the application for a credit account....and was instantly approved for the same Synchrony Bank Mastercard with the same limit as before ($5,000). In fact when I received my new card and activated it, the old account was still listed as active on the payment website, though showing as $0 Balance / $0 Limit. In my 25+ years of dealing with credit, I've never seen something so strange. I do wish I would have thought before I applied for the new card though because quite frankly it's not a very competitive rate and I just ended up hurting my score by a couple more points since it showed as a credit hit and a new account. So has anybody else ever had an issue like that?

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