Last Minute Credit Checks Before Closing Are Real!



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In today’s real estate advice episode you’ll learn last minute credit checks before closing are real!

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**Watch the full video to know what a credit check before closing could do when buying a house, don’t lose your home! Thank you!**

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📒 Show Notes 📒
1:06 – Beware of the Soft Credit Pull Before Closing!
2:41 – Know How Often Your Credit Scores Change!
5:01 – What if My Credit Score Changes Before Closing?
6:49 – Your Turn!

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Andrew Finney Trusted Real Estate Advisor/ USMC Veteran S.0173260
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Las Vegas, NV 89149

Disclaimers/ Credits:
At the time of production, Andrew Finney, S.0173260, is a real estate salesperson with BHHS, NV Properties in Las Vegas, NV. Andrew’s videos are his own and do not necessarily represent the views and/ or opinions of BHHS, NV Properties. The purpose of Andrew’s videos is to educate you and help you make sense of the real estate process. I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. If you have questions about home loans, real estate, taxes, financial advice, real estate law, insurance, professional trades, or any other services, you are advised to reach out to the appropriate professional for further counsel about your own unique situation. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or any other and may be outdated or inaccurate; it is your responsibility to verify all information for yourself. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that is free from error. Linked items may create a financial benefit for Andrew Finney Team. Any use of other media is by fair-use or license only.

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29 Responses

  1. Alex Kotce says:

    I have a question about something. My lender advised me to open up an old derogatory account. I did. It recently came up on my credit report. At the same time I closed an old auto loan. My credit score dropped 37 points. I am mid escrow. We close end of December. I’m taking with my lender tomorrow. Should I let her know preemptively? What’s your thought on this. 37 points seems very excessive.

  2. Jersey1 says:

    Do lenders randomly run these credit checks or are they required to do it across the board?

  3. J. Tyler says:

    If your credit score is over 800 with a 10% debt to income ratio. Applying for a new credit card isn't going to wreck anything

  4. Cars and Kids says:

    Will lenders check current bank activities or statements? Thank you in advance

  5. Rodeo Young says:

    I had an old collection come up and it dropped my credit but the collection that came up showed already in my debt section.

  6. Ladylove123 says:

    I got nervous about getting approval for a loan and applied to see an offer from a competitor. They did a hard credit check exactly 45 days after the first one. But, after seeing what the competitor was offering, I want to stick with the offer from the original lender. How badly does this hard credit pull affect my score? Could I get denied for my mortgage because of it? I’m worried…

  7. Scott Lavoie says:

    My Fico credit score actually went up 24 points, and I have actually gotten a raise from one of my jobs and more hours ( I work a full-time and part-time job). I have no intention of buying anything till well after I have moved into my new home, if I decide to buy anything at all, to be honest. The only thing I have been doing is paying my bills, I have 3 credit cards, and only one do I use to pay bills with from time to time and that's rare ( I did this month, but still within less than 15% of my balance ), and oh yeah buying food – sort of need food to exist!

  8. Reggie Myers says:

    What if you apply for a loan that doesn’t check your credit?

  9. Amanda Grace says:

    Thanks!!! This was so informative!!!!

  10. Janna says:

    I ended up with my last payment on my car going through in the middle of the home buying process. My DTI ration of course dropped, but so did my credit score. What do I do??

  11. Marcel Dentremont says:

    How does this effect you if you have a home build , and you got the pre approval but the close isnt until Jan 2022?

  12. AlwayzFindingwayz says:

    Can I buy Furniture and just pay Cash??

  13. Lola says:

    One of my credit cards is reporting 30days to the bureau’s. They have been taking payments for 3 years ach/IVR but did not request it for month of June . Now I’m in UW and I’m afraid when when they pull my credit prior to closing they’ll see this. I’m working with the credit bureaus to remove the late payment. Will I get denied due to this?

  14. Divine Brilliance says:

    What if your credit card was lost and replaced but removed from credit report before closing and increased your score because it increased average age of existing accounts?

  15. jeff francois says:

    So new homeowners purchase furniture and everything else the day they get the house?

  16. tj says:

    Just bought a washer and dryer yesterday and used my existing credit card but I plan to pay it off right away as soon as the charge appears on my balance. Also neither my wife nor I have borderline scores. Did I make a mistake?

  17. Ariel G says:

    Great Video ! I do have a question. I have an important question although all questions should be when getting a home loan. I am at clear to close stage woohooo. However I think i might've done a big mistake. A few days after getting my clear to close I noticed a collection came to my credit report. It is just a utility bill. from at@T. I have disputed this account as an Error. Will this dispute jeopardize my chances of getting the final approval even after clear to close . I can really use some recommendations here

  18. Mama Karaba says:

    how soon after closing can we make a big purchase? could we buy a car the day after closing??

  19. Shades of Gray says:

    This is so true. I close on the 10th and they called my HR department on the 7th to check to see if I still had a job.

  20. thecrow says:

    What if I have 1% utilization credit card use – $142k credit limit – and make a purchase of $15k … which is still low at 10% utilization …. will that hurt me during closing ?

  21. Iris Bonet says:

    Oof.. so I paid off my student loans which of course lowers your score temporarily. what about dips due to things like that?

  22. Love & Success Follows Me says:

    Would if you applied for a credit card before applying for a Mortgage app? Like 20 days before applying for the loan. How does that affect you?

  23. Michael McGovern says:

    This is great information to have! I'm under contract and am scheduled to close on about 2 weeks. Does the mortgage company generally only look at the credit history changes or would savings/brokerage accounts play into it as well? Like if a stock went down and there is a bit of difference in how many an account was worth a few weeks ago

  24. Asia Miller says:

    Do they ask you to pay collections at closing?

  25. c0ntender1 says:

    Hey I am wondering if the buyer doesn't have the credit and is getting a co signer and my contract date expired with my agent who has been a bit of a hassle can I stop the sale and do I still have to pay the closing attorney

  26. Michael Gold says:

    I paid for inspection and appraisal using my credit card, but it wasn’t a nee credit card, should I pay it off before underwriting or closing date?

  27. Lovely Indeed says:

    Great video. I’d love your input on the following: I got pre approved for a FHA loan, I’m in the process of buying a loan closing in 20 day. I worked really hard to reduce my credit limit on my Chase card from $16,200 to $6k. Doing this increase my credit score up to 712. About a week ago Chase reduce my credit limit to $6,500. Now my credit intimidation increase to 100% and my Fico 8 middle score dropped to 667. FICO mortgage score is 707. I’m very concerned about the soft pull any thoughts. Thank you for the information.

  28. Vanessa Lacroix says:

    Thank you for sharing this information. We've been so obedient not touching our cards during the whole process and we're about to close in a few days. Question is how soon can we start using our cards again after we close ? The day of or do we have to wait ?

  29. curiousCat!320 says:

    If I could have given you 1,000,000 thumbs up, I would. As I type, the appraisal was ordered and I'm so very nervous. Your videos help me stay sane. No new credit! There is nothing that we need that can't wait until after we close. Just one question, what if you fall behind with one of your bills? Like 30 days? Just curious. Thanks for all of the great info, Andrew!

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