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RAPID RESCORE

RAPID RESCORE

Hello, I paid to have a Rapid Rescore done on 8/15/13. It takes 10 business days and today is the 10th business day. My credit card balance has not updated yet. Does anyone know when it will happen? Waiting to send my contract to lender and builder and builder the deposit. Thank you!

Message 1 of 10
9 REPLIES
Frequent Contributor

Re: RAPID RESCORE

Unfortunately, RR's aren't necessarily quick. When I closed, we did a RR that took 17 days. Also, you should not have paid for you RR. It is actually illegal for your loan officer to charge you for it. You may want to look at a new LO.

 

Good Luck!

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Message 2 of 10

Re: RAPID RESCORE

Thank you! Ahhh... I literally have the contract and check in hand to send counting down the 10th day :/.. In April I went through a Rapid Rescoring company who I paid for an unlimited rescore. They removed old closed paid accounts and rescored my cards. Well during the design of the home my credit card (my mistake) went over 50% of the use. Not realizing before closing they would re run my credit so I need it back up the 10 or so points going over my 50% brought me down... so when I asked him to rescore my card again on 8/15 he said today would be the 10th day. he has been amaizng and its really helped I was just banking on today being the day :/ Thank you so much.

Message 3 of 10
Frequent Contributor

Re: RAPID RESCORE

Wow, that must be a new program. I thought that only LOs could order RRs. Maybe some of the experts can chime in as I am just going off my personal experience. Hopefully it comes through quickly!!

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Message 4 of 10

Re: RAPID RESCORE

You were helpful, Thank you so much!

Message 5 of 10
Valued Contributor

Re: RAPID RESCORE

Rapid Rescores can take up to 30 days..

Message 6 of 10
Highlighted

Re: RAPID RESCORE

A huge bummer. He said 10 days.. Thank you.

Message 7 of 10
Super Contributor

Re: RAPID RESCORE

we have always done them in 3 - 5 days.... 

more like 5+ the last couple of times i did it though.

 

 

Retired Lender
Message 8 of 10
Super Contributor

Re: RAPID RESCORE

There are some limitations on a rapid rescore, depending on the creditor.  Here is a little cheat sheet one of our credit vendors has provided:

 

Account name

Balance updates/paid in full?

Other updates:

Wells Fargo - all divisions

Yes - automated system only and if TUC can access it

No/TUC

HSBC - all divisions

Yes - automated system only and if TUC can access it

No/TUC

World Finance

Yes - automated system only and if TUC can access it

No/TUC

Barclays

No - TUC only

No/TUC

Chase

Yes - XPN only

No/XPN

GMAC - some divisions

Yes - automated system only and if TUC can access it

No/TUC

America First Credit Un

Yes - automated system only and if TUC can access it

No/TUC

Los Angeles County

No - TUC only (public records)

No/TUC

Wachovia accounts/WF

Yes - automated system only and if TUC can access it

No/TUC

Verizon

No - TUC only

No/TUC

Bank of America Credit Cards

Yes – EFX No Doc Updated Only

No/EFX

Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 9 of 10

Re: RAPID RESCORE

Hey Shane, Thank you for the great information!

Message 10 of 10