Has anyone had success with this? We just went through an ordeal where we were locked in with a lender right before they went to 620 min for FHA. The lock expired yesterday after we were approved because the seller (relo comp) and lender couldn't agree on who the seller was and neither party would budge. Now I am no longer preapproved because my 2 highest scores are 597 and 599. So my loan officer did the thing that tells you what to do to get score up. I paid the cards it listed and decreased my credit card utilization from about 85% to 20%. I am waiting for my payments to post and then I will be calling the credit card companies to get the letters that state my new balances. Here are my questions:
Does this really work?
How long do the letters from credit cards take? They said 1-2 days, but I'm not believing any of these people.
Once it is submitted to rapid rescore does it really only take 3-5 days and what has been the experience with this timeline?
We are feeling time crunched because we haven't secured an extention on the contract with the sellers yet and are not optimistic about getting one. My realtor says not to worry - that even if they relist we'll still get the house we'll just have to start over with the offer again, but after what we just went through, I'm not believing anybody 100%.
