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Experience with Rapid rescore

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MarcPA
Valued Member

Experience with Rapid rescore

So I am under going usda had 646 credit score got rebucketed to 639 I paid down a balance to compensate but it still doesn't show updated. I am supposed to close the 20th and my lender says they can issue a conditional commitment tomorrow. Just needed bank statements letter of explanation etc.

Any experience doing rapid rescore during loan process?

Thank you
Message 1 of 8
7 REPLIES 7
tooleman694
Valued Contributor

Re: Experience with Rapid rescore

What is the reason for the rapid rescore, was the 646 before they did it?

Message 2 of 8
MarcPA
Valued Member

Re: Experience with Rapid rescore

I had A 646 but according to myfico its now a 639 I hear they repull credit right before close but nothing on my file is different. My commitment letter says may have to repull credit if 60 days after inital pull I had a pull on the 15th of Feb and another on the 18th so I just squeak by that requirement
Message 3 of 8
JM-AM
Valued Contributor

Re: Experience with Rapid rescore

Credit reports may or may not be pulled again. It is totally up to Lender.

 

Since your commitment letter states 60 days, I wouldnt stress over it at the moment.

Good Luck
May all your dreams and wishes become a reality!
Message 4 of 8
Booner72
Senior Contributor

Re: Experience with Rapid rescore

They pulled my credit the day of funding and it was a soft pull. No Myfico alert, but my LO told me. (Academy mortgage, FHA, 8/2010).

I've read of RR's and we were going to do one but ended up not having to. If you pay down balances and do what is recommended here, it should help your scores and give you the few points you need. Good Luck!
STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 5 of 8
MarcPA
Valued Member

Re: Experience with Rapid rescore

First page of commitment letter says " please be advised that we may be required to repull your credit just prior to closing. Do not seek or acquire credit prior to your loan closing with out notifying your Loan officer. Doing so may affect our ability to grant you credir and/or may disqualify any credit approval. " and the second page with attachment says new credit report if loan goes to 60 days prior to rd submission and is a refer. "

The front page says approved with conditions which. Assume came from automated underwriting system.

Message 6 of 8
ranjen1
Established Member

Re: Experience with Rapid rescore

What lender are you using? I live in PA but am trying to get a usda loan for WV.  No luck so far.

LENDER PULL 02/13/13 EF 574 TU 596 XP 554
LENDER PULL 03/21/13 EF 632 TU 611 XP 589

GOAL: 640 FOR USDA
Message 7 of 8
MarcPA
Valued Member

Re: Experience with Rapid rescore

Ill pm you my lender. Closing in less than 2 weeks just waiting on usda and stuff I sent for underwriter
Message 8 of 8
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