Generating FICO score in a rush

Anonymous · ‎07-22-2017

To make a long story short...in April my loan officer pulled my credit and all I had was a car loan I paid off in December 2016. I had a 670 credit score. My wife's credit was pulled too, and we were pre approved for a home loan...underwriter approved too. My car loan was closed, but it had only been 4 months in April. Fast forward 4 months, and we're in escrow (finally). My loan officer goes to pull our credit again, and my car loan is still under history but no longer generating a credit score because it's been over 7 months now since I paid it off. I have no other credit...so I no longer have any FICO scores. Why my loan officer didn't advise my to open a credit card 4 months ago, I have no idea!!! But now we're trying to scramble to generate a fico score for me before the close to escrow. My wife has 3 credit cards. She's added me as an AU on two of them, and a co borrower on one of them. I also opened a secured credit card on Tuesday, which will be arriving Monday. I plan to make a small purchase on it as soon as I receive it. My wife's cards have been open for 10 years and are under 50% utilisation, so the history is there on those to help me. My loan officers plan is to gather letters from the bank that I've been added as AU and co borrower, and utilize my secured credit card info and do a rapid rescore go generate some type of fico score for me in a rush. Like I said, my car loan is still on my credit report it's just old credit. He thinks the new mixed with the old will generate something. Can you believe this? My wife doesn't qualify for the home loan without me, so we need this to work. Any suggestions to get a fico score in a rush? Any suggestions on getting banks to report the AU and co borrower info to credit bureaus faster, before the end of the billing cycle? We dont have tjme go wait. Is this a lost cause? Help

Revelate · ‎07-23-2017

You'll generate a score as soon as the AU's land on your file, the secured card will likely take longer.

Anonymous · ‎07-23-2017

Ok good, I hope so. We have a 60 day close of escrow so that helps us out a bit. I'm just worried about dropping the loan contingency before we know for sure. Do you think a rapid rescore will force the AU's to appear faster? I know rapid rescore is generally used to raise a credit score, but in our case we're just trying to get one. At this point, I don't care what it's at as long as it's above 640.

Revelate · ‎07-25-2017

@Anonymous wrote:
Ok good, I hope so. We have a 60 day close of escrow so that helps us out a bit. I'm just worried about dropping the loan contingency before we know for sure. Do you think a rapid rescore will force the AU's to appear faster? I know rapid rescore is generally used to raise a credit score, but in our case we're just trying to get one. At this point, I don't care what it's at as long as it's above 640.

I don't think a rapid rescore can help tack an account onto your report; if you did a rapid resorce on the person who was adding you as an AU that *might* trigger the AU to report depending on the lender in question's policies.

Hard to say, won't hurt though other than whatever it costs to do the RR.

Anonymous · ‎07-26-2017

That makes sense. We'll try everything and anything. It's about $150 for the rapid rescore plus credit pull. I actually read that they aren't supposed to charge you for this, but lenders typically pass the charges along to the borrowets. Oh well, probably not worth the argument.

In better news, my wife finally got CHASE to report my AU status to the 3 credit bureaus early (out of cycle). The trick is talking to a credit analyst directly and explaining that you're in the process of buying a home, etc etc. She was sympathetic and reported it on Monday. My experian report is now showing the AU account and I have a score of 715. However, transunion and Equifax are not reporting yet

The credit analyst said it would take 3-5 business days to reflect, but why was Experian so fast? Literally the next day! I'm praying Transunion and Equifax reflect the account soon.

Revelate · ‎07-26-2017

@Anonymous wrote:
That makes sense. We'll try everything and anything. It's about $150 for the rapid rescore plus credit pull. I actually read that they aren't supposed to charge you for this, but lenders typically pass the charges along to the borrowets. Oh well, probably not worth the argument.

In better news, my wife finally got CHASE to report my AU status to the 3 credit bureaus early (out of cycle). The trick is talking to a credit analyst directly and explaining that you're in the process of buying a home, etc etc. She was sympathetic and reported it on Monday. My experian report is now showing the AU account and I have a score of 715. However, transunion and Equifax are not reporting yet The credit analyst said it would take 3-5 business days to reflect, but why was Experian so fast? Literally the next day! I'm praying Transunion and Equifax reflect the account soon.

It should happen fairly soon; Experian has always been faster (better infrastructure as near as I can tell) when it comes to inserting new data into the credit report; not always as things do happen but on average they've been the data ninja of the three. EQ is pretty quick too, TU is all over the map, lightning fast and turtle-like slow other times and I've never figured out why... on the whole, slower than the other two in my anecdotal experience.

Anonymous · ‎07-26-2017

@Anonymous wrote:
To make a long story short...in April my loan officer pulled my credit and all I had was a car loan I paid off in December 2016. I had a 670 credit score. My wife's credit was pulled too, and we were pre approved for a home loan...underwriter approved too. My car loan was closed, but it had only been 4 months in April. Fast forward 4 months, and we're in escrow (finally). My loan officer goes to pull our credit again, and my car loan is still under history but no longer generating a credit score because it's been over 7 months now since I paid it off. I have no other credit...so I no longer have any FICO scores. Why my loan officer didn't advise my to open a credit card 4 months ago, I have no idea!!! But now we're trying to scramble to generate a fico score for me before the close to escrow. My wife has 3 credit cards. She's added me as an AU on two of them, and a co borrower on one of them. I also opened a secured credit card on Tuesday, which will be arriving Monday. I plan to make a small purchase on it as soon as I receive it. My wife's cards have been open for 10 years and are under 50% utilisation, so the history is there on those to help me. My loan officers plan is to gather letters from the bank that I've been added as AU and co borrower, and utilize my secured credit card info and do a rapid rescore go generate some type of fico score for me in a rush. Like I said, my car loan is still on my credit report it's just old credit. He thinks the new mixed with the old will generate something. Can you believe this? My wife doesn't qualify for the home loan without me, so we need this to work. Any suggestions to get a fico score in a rush? Any suggestions on getting banks to report the AU and co borrower info to credit bureaus faster, before the end of the billing cycle? We dont have tjme go wait. Is this a lost cause? Help

You said the loan officer didn't tell you to open a card which I think he/she wouldn't.

The reason I say this is that when applying for a mortgage you are not supposed to open any accounts during that time when trying to obtain a mortgage. I could be wrong though.

Anonymous · ‎07-26-2017

Yes, generally you're not supposed to. BUT he could see my car loan was paid off in December 2016 and I had no open, revolving lines of credit. If he didn't have a simple fix for this, he shouldn't have pre-approved us. Now we're in escrow and its a scramble to generate scores. He should have known my closed car loan would stop generating a score after 6 months of being paid off. That's his job! Plus adding my name to my wife's cards is not opening new cards, it's just adding me as an authorized user so it shows up on my credit report too. He should've told us to do this months ago!

Anonymous · ‎07-26-2017

Unfortunately, there are some lenders that aren't as knowledgeable on credit scoring and it's algorithms as the guys on these boards. Throughout the process of me working on items suggested by my lender, there were a lot of things I told them I would try and handle with my credit, and they were under the impression that you cannot do it. In the end, I taught them a lesson or two.

Anonymous · ‎07-28-2017

Does anyone have any suggestions...? Like I said above my wife added me as an AU on her Chase and Wells Fargo credit cards, and as a co-borrower on her B of A card. Chase reported it to the credit bureaus on 7/24. My experian report generated a score for me right away, and the chase card is showing. However, my Equifax and transunion are still not showing the chase card nor do I have a score. We checked my wife's credit report, and hers does show the chase up on all 3...transunion, Equifax, and experian from 7/24. So I know it was reported to all 3. Ugh! Any suggestions? Both bureaus have my address under addresses reported. We called transunion and they said they do have my current legal name, it just wasn't in the first slot so they moved it up to number 1 under personal info. Equifax had my previous name, so we sent all the proper name change documents to their dispute department days ago. Also fyi...b of a reported co-borrower status yesterday (this is tied to my SSN so it will report) and Wells Fargo reported 2 days ago. Those are not showing on either mine or wife's credit reports yet.