Home Buying in Philadelphia>Question Details

Nichole, Home Buyer in 19135

Hello .... When is it a good time to check your credit at the end or begining of the month ?

Asked by Nichole, 19135 Sat Feb 11, 2012

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Credit bureaus typically update toward the beginning of the month so beginning to mid-month is likely to be the best time to have your lender check your scores. However, more important than the day or week your lender checks scores, is not making any big financial changes and/or purchases that might negatively impact your scores. Don't increase your debt and don't spend the money you'll need for a deposit and closing costs.

Hope this is helpful.

Gwen Janicki
Prudential Fox & Roach
0 votes Thank Flag Link Sat Feb 25, 2012
I recommend the middle of the month.
0 votes Thank Flag Link Sun Feb 12, 2012
Usually bureaus update at the beginning of the month so if you paid off a bunch of items or did things to improve your credit, I'd recommend waiting until the first week of the following month to pull the credit. While there's no guarantee how quickly things will update on the report, this is what I'd go with.
0 votes Thank Flag Link Sat Feb 11, 2012
Nicole,

For seeking a mortgage it will make no difference.. If a borrowers score declines meaningfully at any time during the process, that can affect the buyers ability to get a loan, maybe making a mortgage impossible.

In any case, the bank pulls credit, not the borrower. If you want to know your score - have a look, but if you apply for a mortgage - no bank accepts customer supplied credit. EVER.

The thing is...getting a mortgage can't be "gamed." The loan application process with its many reviews and updates is specifically designed to avoid this. If a buyer is not in sound credit shape, the best thing is to find out what is needed to get into sound credit shape, do those things, then apply for a mortgage.

To do otherwise is to court disappointment, maybe loss of deposit monies, and surely a lot of headache.

John Leonard
Long & Foster Real Estaet
0 votes Thank Flag Link Sat Feb 11, 2012
Credit score is but the first hurdle. job stability, source of income and debt to income ratio all play a larger role than a credit score. If you have a decent credit score, but have been in a job less than 18 months and have a high car payment, or went through a bankruptcy or foreclosure sale expect hesitation from the banks. Reportable income from a salaried job is preferable or a track record of getting consistent 40 hour weeks at work. Independent contractors and self employed are given a lot of scrutiny! Start with getting a few lender opinions. One last thing, once you get into risk adjusted rates, you might be up around 6% so dont worry about the rates going up, when your overall credit scenario gets better you would get the best prevailing rate.
0 votes Thank Flag Link Sat Feb 11, 2012
It doesn't matter. The credit bureaus are not that sensitive. What's more important is waiting as long as you possibly can so that more items have been paid/updated; and so that your credit report lasts longer (they are good for 90 days).

Make sure not to pay anythIng off or take on new debt without checking with a Realtor or mortgage broker. Paying off a car loan may SOUND like a good idea, but it may wipe out your cash reserves and lose you $10,000 - 20,000 in buying power.

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
856.617.1212
axelson@kurfiss.com
Web Reference: http://homefinder360.com
0 votes Thank Flag Link Sat Feb 11, 2012
OK Nicole, Usually after the first week of each month.... From my past experience.... But alot of lenders use a software called " Rapid ReScore" which does a turn around of 48 hours after you made a confirmed payment.

Do you have a Lender?

All the Best John Curci, Re/Max Properties 215-757-2889
Web Reference: http://www.HomeCatch.com
0 votes Thank Flag Link Sat Feb 11, 2012
Just curious why you would think it would change ? I would think it does not matter unless something has changed and you have just received some delinquent letters.
0 votes Thank Flag Link Sat Feb 11, 2012
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