Credit Score Rating

by Shay
(Oklahoma, USA)

Ask Kate about a second credit score rating before closing: Hi Kate, My mortgage process is going along smoothly. The bank ordered my appraisal and said the underwriter approved the credit part. Now we're just waiting on inspection.

Shay continues... But I read where they could do a second pull on credit right before closing. My score has dropped but not my husband's. I'm making $35,000 on the sale of my home and can pay off the credit cards.

Do you think my lender will back out this close to closing?

Kate Answers: Second Credit Score Rating

Dear Shay,

Not only can a lender order a second credit score rating and credit history before closing, they will!

This does not mean it will necessarily affect your mortgage. But keep your good idea of paying off your credit cards in your back pocket. It may be needed.

Hopefully you feel you can also discuss this with your mortgage consultant. The more equipped a mortgage originator is with details about your credit score rating, the more he or she can head off unpleasant surprise.

I have also included more credit help at the bottom of this page. Be sure to check out the tips for repairing credit and keeping your credit in good standing!

Best wishes for the purchase of your home,

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If you still have questions regarding credit, write me at Ask Kate where every question is a good question.

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