Rapid rescore report CC balances sooner?

[Anonymous]

We were at 44% debt last month well we paid our 2 CC down to basically nothing and before they were at 75% of the balance they are going to report any day or within the next week. This is the only thing we are waiting on before trying to get our pre approval from our LO so he is going to do a rapid rescore will this the RR hurry this process along or must we wait for the CC companies? Also anyone have no clue how much of a jump we can expect our score to jump?

[Anonymous]

The RR is meaningless until the cc companies report your new balance. The earliest date to do that would be the first day of your new billing cycle. The jumps in score depend but from 44% to nothing should be pretty big. Good luck!

[cdtotten]

Rapid Rescoring simply is a process available to mortgage lenders that will allows the lenders to have a credit report item updated prior to the normal date the account is updated. So if you pay off the CC, a rapid rescore would have that balance updated with the bureaus, increasing your score hopefully. It is not a cheap process, with a cost of usually $25-50 a line item that is updated.

If the balances are paid and a rescore is performed, then yes you can expect an increase in your credit score. There is no way to give a good estimate of a score jump, because your score is dependant on so many other things.. (i.e. AAoA, other account balances, credit mix, past history, etc.). It definitely won't hurt your score though.