Back on 2-18-03 my wife and I had our credit pulled so we could get a mortgage. We didn't find a house until now, 2 months later. I pulled our scores from TU and my wife's was about the same but mine was considerably higher. (100 points) I'm not sure why it is so high now, but I am wondering if I should have our lender re-pull our scores from TU to get a lower mortgage rate?
I ASSUME after 2 months they MUST pull again... There was NO house to go with the loan...2 months ago...I ASSUME YOU WERE JUST "PRE-APPROVED" AT THAT TIME...
Actually we were only pre-qualified to my knowledge. They told us how much house we could afford. Based on my conversation with the lender today he was indicating that he was using the scores from Feb. I asked about down payment assistance programs and he stated that our credit scores at the time were not good enough to qualify. Is there an expiration on the pre-cert? Will they automatically re-run our scores without requesting? I wasn't getting the impression that that was the case. Any help would be greatly appreciated.
Since its been two months, and you were pre-qual as opposed to pre-approved a prudent lender would generally re-pull to make sure your financial status has not changed. You can always call and tell them that your scores took a big jump and you want them to repull. It shouldn't be a problem.
Any idea why my scores would take a big jump? I can't really see anything that has changed other than it's 2 months later than the last time I checked my scores. The lender will see the same score I pulled right?
Did you happen to have any cc's reach a milestone in age, such as a 2 yr anniversary? TU also has a FICO and a FAKO score. Do you know which one you are looking at?
Nothing really stands out from what I can see. What about bad marks anniversary? Is there a certain time like there is for good accounts where the negative doesn't weigh as heavily?
I've got a 90+ day late from 2/01 and a collection from 3/01. And a VZ cell account that is good was opened 3/01. Those are the only items that fall under the 2 year mark.
Well, as you have probably already figured out, FICO is a deep dark mysterious black hole of an algorithm. Maybe all those things hitting the 2 year mark since Feb was enough to boost your scores. At this point, I would just be thankful and not analyze. Call your mortgage broker, tell them you have found a house and are ready to proceed with the full application process (if indeed you are). Tell them your report has improved significantly, they are probably going to pull new ones anyway, the underwriter isn't going to want almost 3 month old reports. Ask them if your score has improved if the offer can change. If they say no--find another broker.
I was starting to think the same things. Count your blessings. They almost indicated yesterday that they were using the same scores. Maybe they thought they were trying to do us a favor. I'll make sure I call and request a re-pull then. Thanks again for all your help.
