General Credit Topics

[dcliege]

I will pay off revolving credit cards this weekend in anticipation of applying for a construction loan next week.  My credit scores are OK as is, but will be better (=better interest rate) after I pay off those cards.  Is there any way to get the credit card companies to report the payment before their usual reporting cycle ends?

I so appreciate the answers I get to these questions from the learned members of these FICO Forums!  Thanks in advance.

[cobaltnv]

dcliege,

  You can call your ccc and ask if they will do an intercycle update. Explain that you are looking to apply for a loan and would like your recent payments included. THey are not required to oblige, but many ccc will do this for good customers.

Good luck! 

[smo65d11]

I just actually spoke to someone at Discover/HSBC about that very thing!  They said all they could do was write a letter showing what my last payment and current balance was, and then fax it to my mortgage person.  The mortgage person would then submit it to the Credit Bureaus along with a request for rescoring ...  I gave her MY fax number (as I didn't have my lenders) ... can I send it in to the CB's, or does it have to come a special way from the mortgage person?

[smo65d11]

anyone know if I can fax this letter directly to the CB's?

[dcliege]

I talked to a mortgage broker who said he, and other mortgage brokers and officers, subscribe to a service that will do a "rapid rescore" for a fee if they (the mortgage folk) have information that you think will improve your credit score.  I pay most of my creditors online, so he suggested -- in my case -- I simply give my receipts to the mortgage officer at the bank.