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Hello –
Background – I recently bought a house and applied for a mortgage. My wife has a 760 average and mine is around 670. I have 2 baddies on my account – BOA charge off with no balance and Cap1 Charge off with a balance of 1500. My broker asked me to pay off the charge off and provide proof when it was complete. I did that and provided the check number and bank statement as proof.
Today – My broker called and said that he got my credit re-scored and it is now 717. When I paid this amount off, my CR only went up to 676 on my fico. Its not like he pulled my credit report again, so I am confused as to how he came up with that number. While I will not argue with him because he is saying he can provide me a much better rate (right now he was offering 4.25 on a conventional loan with a 676). Has anyone heard of this before? I don’t think they are using the credit agency reports anymore to calculate the score. They might have a calculation internally? This mortgage brokerage actually underwrites their own mortgage and sell it after a month or 2 to a big bank.
I know most of you have more experience than me, so I thought I would check.
Thanks,
Your mortgage broker probably did what is called a rapid re-score so Congrats on the score increase.
but i dont see my credit score changing. Any idea why that would be the case? Is it just an internal simulator or would i see my credit score change?
Thanks,
@Anonymous wrote:but i dont see my credit score changing. Any idea why that would be the case? Is it just an internal simulator or would i see my credit score change?
Thanks,
Which score are you looking at? One of your other scores could have changed causing you to have a different midscore.
Also, if he's doing a rapid rescore, I think he would see the change before you. You'd have to wait until your credit report updated.