Getting CC's to update Zero Balance quickly!???

[Tubelo]

Hey everyone! So I applied for a mortgage and my DTI was very high, and the only thing I could do was pay off all 27K of debt. My fiance wanted me to be able to get the home, so he paid off ALL my debt yesterday. LO said as long as he pays it from HIS account and no money transfer comes from me, all is good. 

I asked him about doing a Rapid Rescore, but he said he doesnt want the underwritter to see a rescore because then theyll ask questions and require paper trails of my fiances money etc etc. 

So long story short, how can I "trick" the cc companies to update my reports with a zero, so I can get them to update quickly and not have to wait 30 days to get my new home? The longer I wait, the better chance someone else will grab it!

Any help or insight is appreciated. 

Card that need updating: 

Amazon Store Card

Paypal Mastercard

Gamestop Store Card

ABT Store Card

Sams Club Store Card

Target Store Card

American Express Hilton Card

Dillards Amex Card

American Airlines Store Card

Disney Chase Card

Best Buy Visa (?)

Walmart Mastercard

Capital One (Auto Loan)

Wayfair Store Card

TJ Maxx Mastercard

[Anonymous]

Chase I know will do mid-cycle reporting when accounts are paid to $0, but I do not know of any others that may do this. As far as I know, the rest will update when they post about 3 days after statement posting

[Tubelo]

Thanks! Good to know about Chase!

What if I do an address change? Like replace Rd. to Road? I read some banks/cards update, but is that something that would force them to update my report balances/scores?

[Anonymous]

Your loan officer didn't offer the option to write a letter for each account with the reported versus current balances and offer to show the balances either online or from a letter from the lenders? We ran into something similar and all our LO asked for was a written explaination since it wasn't the score but reported balances

[Tubelo]

No mention of that at all. It's a USDA loan if that matters in this instance. His response to me about a rapid rescore was: 

"I will investigate…my concern is we do a rapid rescore without showing the assets were yours to pay the debt. I need to make sure the two processes are independent, and an underwriter on a file doesn’t see that it is rescored…I will let you know what I find out."

The assets were not mine, so no idea what he means here, unless he misunderstood that my fiance paid them from his own bank account, with his own money. I don't understand why him paying my debt off causes an issue in all this. The money was never in my hands. They went from his bank to pay my accounts. 

So no, he didn't mention anything like that but perhaps I should bring this up to him on Monday. 

[DeeBee78]

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@Tubelo wrote:

Hey everyone! So I applied for a mortgage and my DTI was very high, and the only thing I could do was pay off all 27K of debt. My fiance wanted me to be able to get the home, so he paid off ALL my debt yesterday. LO said as long as he pays it from HIS account and no money transfer comes from me, all is good. 

I asked him about doing a Rapid Rescore, but he said he doesnt want the underwritter to see a rescore because then theyll ask questions and require paper trails of my fiances money etc etc. 

So long story short, how can I "trick" the cc companies to update my reports with a zero, so I can get them to update quickly and not have to wait 30 days to get my new home? The longer I wait, the better chance someone else will grab it!

Any help or insight is appreciated. 

Card that need updating: 

Amazon Store Card

Paypal Mastercard

Gamestop Store Card

ABT Store Card

Sams Club Store Card

Target Store Card

American Express Hilton Card

Dillards Amex Card

American Airlines Store Card

Disney Chase Card

Best Buy Visa (?)

Walmart Mastercard

Capital One (Auto Loan)

Wayfair Store Card

TJ Maxx Mastercard

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Synchrony-backed cards will update to the bureaus if you change something in your personal info, like your address from ST to Street. 

[cmony787]

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@Tubelo wrote:

Thanks! Good to know about Chase!

What if I do an address change? Like replace Rd. to Road? I read some banks/cards update, but is that something that would force them to update my report balances/scores?

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Can confirm that Walmart will update in day or two after changing address as stated

[rmduhon]

Walmart, Amazon, and Sam's will update if you change something minor on your account. Don't know about the rest.

[Anonymous]

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@Tubelo wrote:

Hey everyone! So I applied for a mortgage and my DTI was very high, and the only thing I could do was pay off all 27K of debt. My fiance wanted me to be able to get the home, so he paid off ALL my debt yesterday. LO said as long as he pays it from HIS account and no money transfer comes from me, all is good. 

I asked him about doing a Rapid Rescore, but he said he doesnt want the underwritter to see a rescore because then theyll ask questions and require paper trails of my fiances money etc etc. 

So long story short, how can I "trick" the cc companies to update my reports with a zero, so I can get them to update quickly and not have to wait 30 days to get my new home? The longer I wait, the better chance someone else will grab it!

Any help or insight is appreciated. 

Card that need updating: 

Amazon Store Card

Paypal Mastercard

Gamestop Store Card

ABT Store Card

Sams Club Store Card

Target Store Card

American Express Hilton Card

Dillards Amex Card

American Airlines Store Card

Disney Chase Card

Best Buy Visa (?)

Walmart Mastercard

Capital One (Auto Loan)

Wayfair Store Card

TJ Maxx Mastercard

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First of all, kudos to your fiance!  He is priceless and loves you! Second, when I recently paid my cc's to zero and wanted a re-score, I just simply called the cc and asked them to update.  Some did and some didn't.