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Our Loan is approved and scheduled to close. Our loan officer said they will not pull our credit again, so we went and purchased a new car. If they do a soft pull will the new debt show up on our credit a few days after purchase??
Yes, a pre-closing soft pull will show the new liability.
The dealership's pull will show and if the terms of the note are not on the credit report, you will be asked to explain the inquiry and make a statement no knew debt was acquired, which will put you in a real tough spot.
Your file needs to go back into underwriting and with the new debt. If you no longer qualify for the loan because of your actions, your earnest money is at risk for altering your financial status.
This is exactly why they do a soft pull- to insure no new debt has been acquired. May as well get the financing documents copied/ scanned and ready to go.
Our Loan is approved and scheduled to close. Our loan officer said they will not pull our credit again, so we went and purchased a new car. If they do a soft pull will the new debt show up on our credit a few days after purchase??
Hopefully there is room in your debt to income ratios to fit the new car payment in there. If you were up near the limit, this could kill your deal.
As someone who has a home purchase pending - knowing what a pain financing and underwriting is, I don't understand why you would not wait the few weeks until you close - then you can do whatever! O do not want to be critical, but why???? Even if you needed to rent a car for those few weeks - it is so not worth putting the purchase in jeopardy. Let us know how it turns out.
I have a former customer that just bought a new home. He wanted to move out, then fix up his prior residence before putting it on the market. Sold it above list price, appraisal came in low, he lowered sales price and don't you know, the buyer had bought a car after loan app and before closing and no longer qualified.
Guess who is being sued for damages and over the earnest money?
This stuff really does happen, but it continues to amaze me.
Heck - despite being reassured that having my credit pulled for a 4th quote on homeowners insurance would not affect my credit - I decided against it -I know it is paranoid - but it just was not worth it - the other 3 quotes were close and I can always change insurance - I cant always get the same interest rate or qualify.
I've just been approved for the most expensive thing I'll ever buy, I think I'll go get a loan for one of the second most expensive things I'll ever buy.
Our Loan is approved and scheduled to close. Our loan officer said they will not pull our credit again, so we went and purchased a new car. If they do a soft pull will the new debt show up on our credit a few days after purchase??
Seems to me a Loan Officer should have given you some advice.
Not getting a car during the loan process.
Hope things work out in the long run for everyone.
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