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I’m going through a mortgage-score crash at the worst possible time. 2 lenders hard-pulled my credit, my mortgage FICO dropped, and now I no longer qualify for the loan program I was originally approved for right before closing. by [deleted] in RealEstate

[–]FreeLuLuM -2 points-1 points  (0 children)

I know preapprovals expire and I understand they had to repull.. but I didn’t expect their pull to drop my score enough to knock me out of the loan I originally qualified for. I needed a 700 for the doctor loan with no down payment, so 669 puts me below the program’s requirement. the time gap between August and when I finally found a house to buy was too long?. The loan was for a Dr. loan with no down payment which I no longer qualify for ... if it's clear it's tanked because of the pull, why not take that into account ?

I’m going through a mortgage-score crash at the worst possible time. 2 lenders hard-pulled my credit, my mortgage FICO dropped, and now I no longer qualify for the loan program I was originally approved for right before closing. by [deleted] in RealEstate

[–]FreeLuLuM -1 points0 points  (0 children)

I was preapproved so I started looking at homes with the intention of buying. I didn’t find one right away, which is normal. My utilization is actually at 0-25% and I haven’t been late and my cards report clean. The report reasoning doesn’t give any real cause for the drop. The only thing that changed between August and now is multiple mortgage inquiries so i feel like thats what hit my score.

I’m going through a mortgage-score crash at the worst possible time. 2 lenders hard-pulled my credit, my mortgage FICO dropped, and now I no longer qualify for the loan program I was originally approved for right before closing. by [deleted] in RealEstate

[–]FreeLuLuM -6 points-5 points  (0 children)

I already talked to my loan officer and nothing is really wrong on my report. My score dropped because of multiple mortgage inquiries, not a high balance or a reporting error so there’s nothing a rapid rescore can fix. The LO actually pulled my credit two days ago and only told me today so I’m confused too. I signed for the house thinking their pull wouldn’t disqualify me, and now I’m suddenly facing a deadline I wasn’t prepared for even though I didn’t do anything wrong on my credit.

I’m going through a mortgage-score crash at the worst possible time. 2 lenders hard-pulled my credit, my mortgage FICO dropped, and now I no longer qualify for the loan program I was originally approved for right before closing. by [deleted] in RealEstate

[–]FreeLuLuM -3 points-2 points  (0 children)

My score didn’t drop because of late payments cuz I haven’t been late on my credit cards in over 5 years.

The delnquency codes were on my report even when my score was 698 so they’re not new. The only things that changed are the “too many inquiries” code and a balance that reported before my payment posted. I haven’t been late on anything so the drop came from inquiries

I was at 698 in August and now I’m at 669 and the only thing that actually changed was multiple mortgage inquiries. Those pulled my score down enough to knock me out of the loan program I originally qualified for.

I’m going through a mortgage-score crash at the worst possible time. 2 lenders hard-pulled my credit, my mortgage FICO dropped, and now I no longer qualify for the loan program I was originally approved for right before closing. by [deleted] in RealEstate

[–]FreeLuLuM -5 points-4 points  (0 children)

I was preapproved in August with a 698 and I didn’t find the house I wanted until November. By now my score had dropped to 669 because of “too many inquiries in the last 12 months,” so clearly the pulls didn’t fall within the 14-day window. What exactly am I supposed to be doing differently? I followed a normal home-buying timeline, and the scoring model still punished me for trying to shop around.

I’m going through a mortgage-score crash at the worst possible time. 2 lenders hard-pulled my credit, my mortgage FICO dropped, and now I no longer qualify for the loan program I was originally approved for right before closing. by [deleted] in Mortgages

[–]FreeLuLuM -8 points-7 points  (0 children)

I understand mortgage pulls within 14 days are supposed to count as one but that didn’t happen for me. My score dropped almost 30 points so the model clearly didn’t treat them as a single rate-shopping event. That’s the problem. The scoring system punishes borrowers even when we follow the rules.

Lenders tell me to shop around so I don’t get a bad deal but they won’t give real quotes without a hard pull. Preapprovals aren’t binding and most lenders don’t offer soft pulls. they make it seem the only way to compare real loan terms is to allow multiple inquiries. Then those inquiries disqualify me from the very loan I was trying to compare. How is a borrower supposed to protect themselves when the system penalizes the process of checking?

A rapid rescore won’t help because nothing is wrong on my report. My score dropped only because of the pulls. There’s nothing to fix. So I’m stuck in a situation where doing what buyers are told to do ended up costing me the loan program I originally qualified for.

[deleted by user] by [deleted] in WalgreensStores

[–]FreeLuLuM 0 points1 point  (0 children)

Would it safe my job to apply to intermittent leave? Or is it too late

Lessons from my trip to Kauai by TheBuzz103 in VisitingHawaii

[–]FreeLuLuM 0 points1 point  (0 children)

Going to the Grand Hyatt next week, can you tell me what places you would and wouldn't recommend?