I need a fast fix

[Anonymous]

I am going to be closing on a construction loan in 3-4 weeks.  I had around 12,000 in revolving that I paid down over a couple of months to around 9500 now. I have paid 3,000 of that down in the past week (all credit cards) but my credit score hasnt budged.  I had my only collection removed that had been on the reports for the past 5 years and I have written GW letters to the companies that have reported me as being 30-60 days late (3 co.).  I havent had a response from them yet, keeping my fingers crossed. Right now my middle score is 645 from Transunion, how can I get it to go up in the next few weeks?? I need a 660 or better. 

[Anonymous]

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SlowScore wrote:

I am going to be closing on a construction loan in 3-4 weeks.  I had around 12,000 in revolving that I paid down over a couple of months to around 9500 now. I have paid 3,000 of that down in the past week (all credit cards) but my credit score hasnt budged.

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What are your CC balances and CLs?

Short term, getting your CC util down in the 1-9 percent range is the only thing you control that you can do quickly. Your scores won't change until the CCCs update your CRs.

[Anonymous]

Have you asked your lender if it is possible to do a rapid rescore on those CL's that you need the information updated.  If possible it may be worth the expense.  Ask your lender/broker.

[Anonymous]

BofA has 6000 limit and its down to 2950, the other Chase 3700 limit with 1900 owe.  But the others that I paid down to a zero balance wre reported to the credit bureau with no change in the score.

[Anonymous]

that sounds expensive, exactly what is it? and will it help?

[Anonymous]

Now the you are under 50% you will get a bump when they CCC's update.

30% is better under 10% is ideal.

[Anonymous]

Since time is short, you want ideal. Like Timothy said, 1-9 percent util is ideal.

BofA $6,000 CL - 1% ($60) to 9% ($540)
Chase $3,700 CL - 1% ($37) to 9% ($333)

[SmartCookie]

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SlowScore wrote:

that sounds expensive, exactly what is it? and will it help?

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Rapid rescore is something your lender can do ( and will charge something for) to get updated history on your credit reports lickity split.  Do a search on the boards here, there are some threads regarding it. 

[Tuscani]

Rapid rescoring works by providing info to the bureaus outside their normal reporting

schedule of 30-45 days.

The info provided, on letterhead from the creditor, specifying what action is to be taken

(most common are: remove lates, update balance, delete tradeline) is faxed to the bureau

(TU, EXP and/or EQ) which then investigates to make sure claim is valid. Tradeline is

upated & credit report is rescored. Takes 3-5 days. The costs involved vary... I believe

your broker has to initiate the process unless you can get in touch with special handling

depts at the CRA.

And remember... There is no guarantee that your score will go up with a rescore.