Credit Checks While Waiting to Close

kimberlygo · April 2012

We're closing on May 10, beginning to move in that weekend. I already have a mortgage commitment letter. We're just waiting to close. I know that I'm not supposed to make any major purchases or do anything funky with my credit while waiting to close. This weekend I set up our utilities and the gas and electric company ran a credit check. So did the cable company. We have really high credit, so even if these credit checks ding our credit rating, we'll still be really high. But I'm wondering if I just shot myself in the foot? I reached out to my mortgage broker to give him a heads up, but don't expect to hear back because its sunday.

catherinnnnne · April 2012

If your credit is already high, I doubt it's anything to worry too much about. Ideally you might have waited until after closing to set up your utilities, but it doesn't sound like anything that would put your close in jeopardy.

flip_flops · April 2012

I have no idea if our utility companies ran a credit check, but we are moving locally and already have accounts with them.

Honestly though, I wouldn't worry about it. I don't know if this is standard, but we had to set up utilities to transfer into our names effective the date of closing. I don't pretend to be knowledgeable about this, but I wouldn't think it would affect someone with a high credit score.

kaylie622 · April 2012

I asked about it as well and was told not to worry about it. They'll be able to see who is checking your credit and utilities/cable and/or insurance are to be expected. We dud the same thing and it was not an issue.

lil_jen051708 · April 2012

Don't worry about it at all! There are two kinds of pulls: soft pulls and hard pulls. Most often, the utility company will do a soft pull so it shouldn't affect your credit. They are checking to make sure you don't owe any utilities any money. You aren't opening up a new reported line of credit with them.

The only recommendation is to not open up new lines of credit - i.e. new credit cards, or promo lines of credit from furniture companies, buying a new car, or maxing out your credit cards before closing.

CrackHabit · April 2012

lil_jen051708:
Don't worry about it at all! There are two kinds of pulls: soft pulls and hard pulls. Most often, the utility company will do a soft pull so it shouldn't affect your credit. They are checking to make sure you don't owe any utilities any money. You aren't opening up a new reported line of credit with them.

The only recommendation is to not open up new lines of credit - i.e. new credit cards, or promo lines of credit from furniture companies, buying a new car, or maxing out your credit cards before closing.

lil jen has it right.

kimberlygo · April 2012

Thanks

I didn't want to move in the beginning of summer with no A/C.

Amberley18 · April 2012

I think you should be fine. However, FWIW, those companies cannot force you to provide your SSN (hence credit check) for their service. I never give my SSN, but often have to pay a $50 deposit. I just don't like mine floating around everywhere.

Jliongrrrl · April 2012

Amberley18:
I think you should be fine. However, FWIW, those companies cannot force you to provide your SSN (hence credit check) for their service. I never give my SSN, but often have to pay a $50 deposit. I just don't like mine floating around everywhere.

This is good to know.

FWIW we set up utilities etc prior to moving and all was good on closing day.

Credit Checks While Waiting to Close

Re: Credit Checks While Waiting to Close

Choose Another Board

Search Boards