Need Help ASAP!!

[Anonymous]

Ok so hubby & I got preapproved on Friday for a house we want to purchase - We are getting a Rural Home Development Loan through the state of Illinois.  The lender is not going to pull all 3 credit reports until we have an accepted offer on the house.  Hubby and I made an offer on Sat. morning and we will probably have an accepted offer by tonight or tomorrow.  Problem is that middle Fico score is 617 now the lender and underwriter already know this and we can still get the loan if score is below 620 if we show proof that we have paid our rent on time the past 12 mos and the land lord has to fill out some paper work.  I'd really like to not have to do all that - We are so close to the 620.  So my issue is, I paid a credit card down last month from a balance of 3,200 to 79.00 which is huge b/c the limit is 3,500.  On my credit reports, the new balance is reflected on Transunion and Experian so I know the cc company reported the new balance a few days ago but it isn't reflected on my Equifax report yet which is the middle score.  I know once the new balance is reflected that our score will go above 620 so is there anybody I can call at Equifax and ask to reflect this new balance ASAP before the lender pulls the reports???  Anybody know how I can get them to do this today???

[Anonymous]

What are your other scores now?  If Experian and Transunion have already reported that you have paid down your balances your fico scores should have gone up significantly with those two agencies.  Might that now make Equifax your lowest score? And either Experian and Transunion might qualify as your middle score - maybe above 620? 

[Anonymous]

Not sure - I'm a member of Score Watch so I always get an updated Equifax score but not the other two unless I purchase them which I guess I can do but before TU was 654 and Experian was 575  and Equifax was 617.  Equifax has been the middle score for months and Experian the lowest.  We have no idea why Experian is so low b/c they have the same info as the other 2 but it has always been very low and from previous experience I just figured it probably didn't go up enough to be the middle score.

[Anonymous]

It seems like you have decreased your utility by a good amount so, you may want to just make the investment and pay to check your scores.  I know I only had a $500 credit limit,  I paid it all off and my score jumped 35-40 points on each credit report.  So, you never know.  I would also call Equifax and see if your decreased balance has been reported to them - explain your situation (you're on the cusp of buying a house) and see what they tell you. Good luck!

[Anonymous]

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@Anonymous wrote:

Not sure - I'm a member of Score Watch so I always get an updated Equifax score but not the other two unless I purchase them which I guess I can do but before TU was 654 and Experian was 575  and Equifax was 617.  Equifax has been the middle score for months and Experian the lowest.  We have no idea why Experian is so low b/c they have the same info as the other 2 but it has always been very low and from previous experience I just figured it probably didn't go up enough to be the middle score.

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Not sure what it is called, but your mortgage lender should be able to get an accelerated score, based on you paying off other info. Even if it is not showing on your FICO score yet.

Just recall hearing about such a thing on this board, have no experience with it.

Dave

[Anonymous]

I believe the term is rapid rescore.