Mortgage Loans

[sleepynurse3]

hello to all!

I paid off a large portion of my revolving credit card debt, and am hoping it was enough of a score boost to get me to a middle score of 640. However, I didnt get it in time for a couple of them to make it to this months reporting date. Should I ask my lender to rescore? If so, how do I go about doing that?

Thanks!

[ShanetheMortgageMan]

Rapid rescoring requires a letter from each creditor correcting whatever needs to be corrected... so in your situation you'd need to call up each revolving trade line company and ask them to fax you a letter (can't be a statement) listing what your current balance is along with your account info & a telephone number to the department/person at the revolving trade line creditor who made the letter.  Once you have the letter you'd send it to your lender, your lender sends it to their credit vendor (company used to pull your credit) and the credit vendor would communicate with the CRA's to verify the new balances.  After the new balances are verified your lender would re-pull credit and the new scores would be usable.  Not all lenders have the rapid rescore capability though, I know Bank of America does not from past experience.

[Teresa]

How many points does this rapid rescore give you when you do it? I am having it done and was wondering how many points do you get from it? I have up-dated my car payment and 2 credit cards up-dated. Both of my credit cards are at 0 balance and car payment just got paid in full. Thanks

[ShanetheMortgageMan]

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Teresa wrote:

How many points does this rapid rescore give you when you do it? I am having it done and was wondering how many points do you get from it? I have up-dated my car payment and 2 credit cards up-dated. Both of my credit cards are at 0 balance and car payment just got paid in full. Thanks

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It all depends what is being corrected on the credit report and the rest of your credit profile... most credit vendors will have a "What if?" simulator that estimates how many points the score would increase based on doing certain things to the credit report.  Since everyones credit report is unique, like a fingerprint, it's impossible to say how many points a rapid rescore would yield someone without actually going through the process.

[masdeocho]

Shane, how much does Rapid Re-score costs these days? I remember hearing something like $35 per tradeline.  Thanks.

[ShanetheMortgageMan]

It'll vary by credit vendor, but anywhere from $20-35 per borrower per bureau per trade line is the cost.. so a rapid rescore on 1 account that is shared by both borrower & co-borrower, on all 3 bureaus, at $25 per shot would be $150.