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@neptunejcw wrote:
Just curious but how does it work? Will it drop my scores with them getting re-running it twice within 1 week
No, mortage inquiries are excluded from scoring for a 30 day period anyway, and are rolled up to a single scoreable inquiry depending on model in 14-45 days.
In short if you get it done in one week, ain't no biggie. If your process gets extended like mine, my mid score dropped 6 points (728 to 722) on EX as my inquiry free report got dinged as I had to repull for a different loan product 34ish days after the original one. Oh well didn't drop me a tier
Rapid rescore: mortgage lenders can ask your creditors to do mid-cycle reports on your tradelines and then will pull your credit again afterwards. Rather than waiting the 30ish days they can get it done much faster typically for a nominal fee.
@neptunejcw wrote:
How much should I pay my credit cards down to get the maximum score bump I can get. 1 card has 1000limit as of today it has a $40 balance & the other has a $300 limit with a balance of $40. The lender will be rerunning my scores on the 27th of this month. I just want to know should I pay the balances down lower than what they are now?
If either of your statements close between now and then, pay that one off. Leave the balance on the other. $40/1000 is possibly better than the $40/300 though so if you get a chance to pay both, just zero out the $40/300 card.
new scores will be used for pricing..... do it all the time