Jump to content

Please use the Feedback forum for questions about the upgrade.  We will get to them as quickly as possible.

 

Sign in to follow this  
lostperson

How many credit checks before closing

Recommended Posts

Hello everyone,

 

So we are currently under contract and scheduled to close on 3/26. As of now the lender pulled our credit for pre-approval back in early December and again on soft pull on 3/12 when our loan came back from underwriter as approved. Will they likely be pulling it again before closing or will this be it?

 

Thanks!

Share this post


Link to post
Share on other sites

It’s very possible they will pull again right before the loan is funded. YMMV but I wouldn’t do anything until the loan is funded (will be after all the paperwork is signed).

Share this post


Link to post
Share on other sites

We are looking to finance some appliances as well as furniture. Since we are located in Maine which is wet funding state will it be safe to do this right after closing or should we wait?

Share this post


Link to post
Share on other sites

Don't go nuts financing new appliances and furniture.

 

Are these purchases absolutely essential? Why can't they wait until you've saved the money for the items you can't live without?

Share this post


Link to post
Share on other sites

Don't go nuts financing new appliances and furniture.

 

Are these purchases absolutely essential? Why can't they wait until you've saved the money for the items you can't live without?

I hardly think that purchasing a new couch and washer/dryer qualify anyone as going "nuts" but in either way no those purchases cannot wait. We have enough cash to pay for it in full but given some of the interest free offers I would rather use that while I sit on my savings.

Share this post


Link to post
Share on other sites

then wait till after you close that's the most important thing if lender runs your credit again and they find xyz of purchases on there then your DTI goes up and you could lose the loan so its pretty simple wait till after closing

Share this post


Link to post
Share on other sites
Posted (edited)

 

Don't go nuts financing new appliances and furniture.

 

Are these purchases absolutely essential? Why can't they wait until you've saved the money for the items you can't live without?

 

I hardly think that purchasing a new couch and washer/dryer qualify anyone as going "nuts" but in either way no those purchases cannot wait. We have enough cash to pay for it in full but given some of the interest free offers I would rather use that while I sit on my savings.

 

I didn't state that you were going nuts, it was just a general recommendation.

 

Depending on the length of the finance offers you could be even further ahead putting the purchase on a 2%+ cash back card (or getting travel points) and then paying the card in full.

 

When we furnished our current home we put everything on our Amex SPG, PIF every month, and used the points toward 5 nights at the Le Meridien in Barcelona.

 

If you currently have a working washer/dryer you'd be even further ahead just continuing to use it.

 

Same with furniture. I've never had to make an emergency sofa purchase... although if you are moving out of your parents' house with nothing, I suppose you'd need something to sit on.

Edited by cv91915

Share this post


Link to post
Share on other sites

Speaking with someone who just just bought a home I asked the same question. At least with his bank they pulled it twice once initially and one right before closing.

Share this post


Link to post
Share on other sites

So to anyone reading it ended up being three times for us, once when we applied, second time a soft pull to refresh as we were over 90 days past original approval and third inquiry day we closed.

Share this post


Link to post
Share on other sites

So to anyone reading it ended up being three times for us, once when we applied, second time a soft pull to refresh as we were over 90 days past original approval and third inquiry day we closed.

 

Thnaks for coming back with the update. Enjoy the house!!

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×

Important Information

Guidelines