Soft Pull Credit Reports - Boring but Important

Ever hear of a "soft pull" credit report?

A "soft pull" credit report is required by lenders/investors prior to a loan closing in order to determine whether or not a borrower has applied and/or taken on additional credit obligations. Most investors require that this "soft pull" report be done no more than 5 days prior to closing.

Why is this important?

Additional credit obligations may impact a borrower's ability to qualify for their loan. Known as the "Quiet Period", the lenders want to see no additional debt incurred during this time. Wait until after your closing date to go open that department store credit card or take on a car loan.