How to do a quick fico?

[Anonymous]

I read somewhere that there is a way to have a company put new info in quickly (for instance we just sold our car last week and I would like that to show in my reports).  Anyone know what that is called and how to get it done?

Thanks

[haulingthescoreup]

There is something called a Rapid Rescore that usually gets done at mortgage time. Seems like I remember reading that it's $30 per account per credit report, so it's not undertaken lightly.

If you're getting your financing through a credit union or bank, someone there might know how to do this. HTH

[Anonymous]

Thank you so much!

[atlastontheroad]

I asked my CU loan officer about rapid rescore in prep for an auto loan yesterday.  He seemed to be of the belief that it is only done for mortgages.

Not sure I think he knew exactly what I was talking about though. 

atlast...

[RobertEG]

Hawaii, I am confused.  How woulld selling your car last week have any affect on your FICO score, or rescore?  Proceeds from that transaction presumably enter into your personal accounts, which are not a factor in FICO scoring (unless you used the proceeds to immediately pay down a CC balance, in which case rescoring will be useless until the CCC next posts with the CRAs). 

FICO scoring has a one to two month lag in what you do in your financial life before it is reproted by the creditor, and then hits the CRAs.  FICO scoring is the very last thing in the food chain. 

[haulingthescoreup]

Good catch, Robert! I read too quickly and thought that OP had sold a car and was getting ready to get a new loan.

He's right, hawaiibound --it will report as paid on your next cycle, and there probably won't be much impact at all on your scores, especially if you still have another type of loan open.

I apologize for not reading more closely the first time!