How would you go about telling someone, hey, I saw where you applied for a furniture store (or home improvement store) credit card or line of credit -- and now you can't buy this house?
That's the whole purpose of the following statement in your approval/qualification letter.
There can be no adverse changes in credit history, employment, income, assets, ability to repay or deposit accounts prior to closing the loan.
(vi) The consumer's current debt obligations, alimony, and child support;
A 60, 90, 120, 180, etc. day old credit repport is not going to give you the consumer's current debt obligation.
The opinions expressed are mine and they are not to be taken as legal advice.