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Old 10-14-2008, 08:41 PM
KB4 KB4 started this thread
 
Location: New York
685 posts, read 1,259,912 times
Reputation: 703

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We were going to buy in a new development and locked the rate for a year. (The lock has now expired and we never closed but that's another story) We just found out that the lender pulled our credit twice during the year and this counts as hard hits as it was "authorized" by us. We would understand they want to check our credit before the rate-lock agreement and just before closing but are they allowed to do it whenever they want? The rate-lock agreement doesn't say anything about that.
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Old 10-15-2008, 03:17 AM
 
Location: Plano, Texas
1,675 posts, read 6,652,230 times
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Did you sign any other documents? More then likely you signed one document giving them permission to do this. Has your credit score dropped dramatically?
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Old 10-15-2008, 06:45 AM
KB4 KB4 started this thread
 
Location: New York
685 posts, read 1,259,912 times
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I'm pretty sure we didn't sign anything like this. It's difficult to say how much impact it had on our scores since there are other factors influencing it. There is no dramatic drop but we try to be very careful as my husband's credit history is quite short and even 10 points could make a difference.
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Old 10-16-2008, 05:20 AM
 
Location: Plano, Texas
1,675 posts, read 6,652,230 times
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Quote:
Originally Posted by KB4 View Post
I'm pretty sure we didn't sign anything like this. It's difficult to say how much impact it had on our scores since there are other factors influencing it. There is no dramatic drop but we try to be very careful as my husband's credit history is quite short and even 10 points could make a difference.
You say you are pretty sure you didnt sign? Look through what you signed to confirm. You can contact the credit agencies and dispute the inquiries. If your credit scores are over 740, i wouldnt worry about it.
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Old 10-16-2008, 07:48 AM
 
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mine was 829 before they pulled 2 reports. then it came down to 750+
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Old 10-16-2008, 01:52 PM
 
Location: Plano, Texas
1,675 posts, read 6,652,230 times
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Quote:
Originally Posted by asnssf View Post
mine was 829 before they pulled 2 reports. then it came down to 750+

There must be another reason why your scores dropped by 79 points, it wasnt cause your credit was ran 2 times.

You might want to get a copy of your credit report and verify everything.

Still, even with a 750 score, you qualify for the best of everything. And with a higher score, you wont get better rates or terms.

The only thing a higher score will give you is maybe bragging rights, but thats it.

Good job maintaining your credit.
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Old 10-16-2008, 06:12 PM
 
30 posts, read 121,060 times
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I chked I don't see anything other than my builder's enquiries. They were running once every month.

Quote:
Originally Posted by VictorBurek View Post
There must be another reason why your scores dropped by 79 points, it wasnt cause your credit was ran 2 times.

You might want to get a copy of your credit report and verify everything.

Still, even with a 750 score, you qualify for the best of everything. And with a higher score, you wont get better rates or terms.

The only thing a higher score will give you is maybe bragging rights, but thats it.

Good job maintaining your credit.
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Old 10-16-2008, 06:17 PM
 
Location: Plano, Texas
1,675 posts, read 6,652,230 times
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I am sure if you look through the all the documents, you gave them permission. Since this seems to be a big issue with you, contact each credit agency and tell them they are inaccurately reporting inquiries on your credit. If they ask questions, just say you did not give anyone permission.

www.equifax.com 800-392-7816
www.experian.com 888-397-3742
www.transunion.com 800-916-8800

There is a very good chance that the credit agencies will remove these inquiries.
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Old 10-16-2008, 10:05 PM
KB4 KB4 started this thread
 
Location: New York
685 posts, read 1,259,912 times
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Victor, do you happen to know if there is a general rule how often lenders check your credit when they give you a long-term rate lock? Or is it totally different for different lenders?
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Old 10-17-2008, 12:35 AM
 
Location: Plano, Texas
1,675 posts, read 6,652,230 times
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Not sure there is a general rule; however, most lenders will use a credit report that is up to 120 days old. I have a loan about to close, that we ran credit on July 25th, and we havent nor has the lender reran her credit. Her loan is closing 10/17.
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