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Mortgage Broker - Wierd but good new

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Anonymous
Not applicable

Mortgage Broker - Wierd but good new

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,

Message 1 of 4
3 REPLIES 3
namvet
Established Contributor

Re: Mortgage Broker - Wierd but good new

Your mortgage broker probably did what is called a rapid re-score so Congrats on the score increase.

Message 2 of 4
Anonymous
Not applicable

Re: Mortgage Broker - Wierd but good new

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,

Message 3 of 4
Walt_K
Senior Contributor

Re: Mortgage Broker - Wierd but good new


@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.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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