Need Rapid Rescore - lates & derog removed, no score change

[StartinOver]

My most recent derog activity was my school loan lates (90 days x 7 accts), which was 6 months ago. My score did not change when it rolled over to 6 months today, which I was surprised. Even more surprising was the fact that my voluntary repossession of my scooter (stolen and recovered, sold) with the lates and negative comments of voluntarty repossesion was removed in the last couple of days and has been reported and reflected on my reports (yipee), but it did not affect any of my scores (sigh)!  Maybe because I have so many lates still on my school loans?

I have done all I can do to bring my score up a few more points for a mortgage. Even though I just lost my job on the 29th, I am hoping to find another fast enough to still qualify for a mortgage, so I am still working on my scores until April is over and it is too late.

Does anyone have any idea why this removal did not help my scores? Do you think it will affect my scores when i get my deferment on the school loans? How does rapid rescore work? Does my lender contact them right before pulling and I pay a fee and they resend then we pull report?

I appreciate all the valuable help we find on these boards. So many people would be clueless if this board was not available and if those that have attained did not hang around to help us.

[laz98]

did you check your scores here?  i didn't see any current scores in your signature, just the ones from march.

i don't know if lates becoming 6 months old really makes a difference.  i have heard they hurt less after 2 years, but not 6 months.

[MarineVietVet]

90 days late spread across 7 different accounts is a major derogatory mark. I'm afraid it will take much longer than 6 months before that damage begins to fade.

[StartinOver]

Interesting, my scooter lates/derogs/repossession came off one day and two days later it affected the score. It was negative on EX and EQ and ok on TU. I got a ScoreWatch alert on the 2nd that my EQ score changed from 589 to 606, so I am assuming it was because of this.

I also went and paid off these:

Best Buy: paid off $307 out of 500 CL

Visa:         paid off $758 out of $1000 CL

Left GE Money: $387 out of $1100 CL

How much do you think my score will increase, even though that leaves GE at 35% utilization? I ended up with a balance of $6.95 on my Best Buy. Should I pay it down to zero or leave this $6.95 on it until next month?

I need rapid rescore on the Best Buy and Visa, which will cost about $220.  Has anyone had any luck with Best Buy or GEMoney doing free rapid rescores?  I need these reported by around the 8th.  Time is getting short.

It is interesting to watch my journey. Many doors close as one opens and I take little baby steps. Major door just shut when my job ended this week, but I will keep trying to accomplish every thing and hope to get a new one in the next week or two.

[Anonymous]

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@StartinOver wrote:

Interesting, my scooter lates/derogs/repossession came off one day and two days later it affected the score. It was negative on EX and EQ and ok on TU. I got a ScoreWatch alert on the 2nd that my EQ score changed from 589 to 606, so I am assuming it was because of this.

I also went and paid off these:

Best Buy: paid off $307 out of 500 CL

Visa:         paid off $758 out of $1000 CL

Left GE Money: $387 out of $1100 CL

How much do you think my score will increase, even though that leaves GE at 35% utilization? I ended up with a balance of $6.95 on my Best Buy. Should I pay it down to zero or leave this $6.95 on it until next month?

I need rapid rescore on the Best Buy and Visa, which will cost about $220.  Has anyone had any luck with Best Buy or GEMoney doing free rapid rescores?  I need these reported by around the 8th.  Time is getting short.

It is interesting to watch my journey. Many doors close as one opens and I take little baby steps. Major door just shut when my job ended this week, but I will keep trying to accomplish every thing and hope to get a new one in the next week or two.

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It's impossible to make a guess about a score increase due to lowered utilization, without knowing the full utilization picture. You noted three cards-- are these the only cards that you have? If you have others, can you tell us what the reported balance & credit limit is for each one? That would definitely help with our guesstimations.

Regarding your recent student loan derogs-- you're definitely going to need more than six months for those to stop hurting so much. Have you talked to your lender about those recent derogs? Usually, you'd have to have at least 12 months of on time payments before you could be considered for a mortgage. I wouldn't pay for the rapid rescore until I A) secured another job, and b) talked to the lender more about the recent derogs (if you haven't done so already). Make sure that you ask about how an underwriter (a human one) is likely to view those major lates.

Otherwise, you can always call your credit card companies and simply ask them to report updated balances. Sometimes they will, sometimes they won't-- but, I'd not worry so much about that until all of the other ducks line up in a nice row!

[StartinOver]

Yes, these are the only cc I have.

Yes, I talked to the lender. It looked like I needed a few more points so I went to another lender he recommended. Yes, I took in my copy of my report and showed the new lender. In a few days I will go back with the things I need and see what happens.

I have two choices right now. 1) Give up. When I do that, it will be for the rest of my life. Unless someone hands me $4000 to go get my things from another state so I don't have to keep paying storage. I can't get a loan. I am 54. Last time this happened I paid about $12,000. This past year I have paid $3000 to not have my stuff. No, I will never willing give it up. Not trying to be ugly, I am just saving time for those that try to talk me into letting go of all I own.

or 2) I can keep trying until the time limit door is shut (April 30). Putting in an offer does not obligate you if you can't get financing. I am not holding anyone else up, as the house has never had any offers. I will pay any costs it costs the bank.The offer must be in by the 30th. I can work at the same time to find another job or I can give up now. I would rather try until all doors are closed. Like I said, this is it for the rest of my life. I won't be able to surmount the financial problems I face if I can't use this hand up to get out. I know some say, oh, not the end of the world. Well, not if judging by your circumstances, but by mine it is.

Since I don't know what else to do I am going to go ahead and pay off BB right now.  THanks for help. 

[RobertEG]

I see no significance of a derog passing 6 months in aging, or even one year, on FICO scoring.  Maybe one or two points only.

If you still have remaining major derogs, removal of only one wont have much FICO impact.  With 7 reported major derogs, removal of a repo wont have much affect.

Any FICO scoring, be it normal or "rapid," can only be based on what each creditor has formally reported to a CRA.  The FCRA contains no requirement of when a creditor has to report their current account status to a CRA.  No creditor updates daily.  Most update monthly.  Some bi-monthly, some quarterly, and some not at all.

You can never expect an action you take one day to immediately post to your CR, 

[MarineVietVet]

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@StartinOver wrote:

Yes, these are the only cc I have.

Yes, I talked to the lender. It looked like I needed a few more points so I went to another lender he recommended. Yes, I took in my copy of my report and showed the new lender. In a few days I will go back with the things I need and see what happens.

I have two choices right now. 1) Give up. When I do that, it will be for the rest of my life. Unless someone hands me $4000 to go get my things from another state so I don't have to keep paying storage. I can't get a loan. I am 54. Last time this happened I paid about $12,000. This past year I have paid $3000 to not have my stuff. No, I will never willing give it up. Not trying to be ugly, I am just saving time for those that try to talk me into letting go of all I own.

or 2) I can keep trying until the time limit door is shut (April 30). Putting in an offer does not obligate you if you can't get financing. I am not holding anyone else up, as the house has never had any offers. I will pay any costs it costs the bank.The offer must be in by the 30th. I can work at the same time to find another job or I can give up now. I would rather try until all doors are closed. Like I said, this is it for the rest of my life. I won't be able to surmount the financial problems I face if I can't use this hand up to get out. I know some say, oh, not the end of the world. Well, not if judging by your circumstances, but by mine it is.

Since I don't know what else to do I am going to go ahead and pay off BB right now.  THanks for help. 

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I don't think anyone has tried to talk you into or out of anything. You asked for opinions and received several. I believe they were all sincere and heartfelt and attempted to be helpful. Persistence and hope are wonderful things and keep us going in tough times but sometimes reality is the final arbiter.

I hope that it all turns out well for you.

[StartinOver]

I really appreciate all the help I get here, you guys are great. I just have had people try in the past to talk me into giving up all I own, and I did not want to go there with so little time left and needing help on my questions. I had someone this week imply that was what I needed to do.

I probably won't reach my goal, anyway, but I will keep walking through whatever door is open until the last door is shut or it is April 30th and no offer accepted. I have spent months on this project and many hours each week. If I lose out, it won't be for lack of trying. And to think that most of my life I had perfect scores at the top.

I can't remember where I saw this, possibly on this forum:

Dreaming illustrates your hidden capacities and your unwakened ability. - peter daniels

[StartinOver]

Update:

Best Buy updated again, after end of month update!  I called and spoke to 2 different people asking if them could make this happen and they both stated they could not, it was automatic. 

Then a couple of hours ago I got notice through myfico of a score change from 606 to 609. On EQ I gained 3 points when BB updated and brought my balance from $307 to $7. Apparently someone made it happen after I hung up

I wish my credit union would update, that would bring my balance from $958 to $0, which just might give me 18 points on each. Sigh, this is hard work and very little to gain each time.

So, thenI hurried to pull a tri-report from CreditCheckTotal and this is what I find:

I gained 6 points each on my FAKO EQ & TU for the Best Buy balance decrease update. On my Experian I lost 51 points for the dispute. Whereas last month TU & EX each lost about 3-6 points for a dispute and then I gained it back when they closed. Wow, but I am taking the big chance that they incorrect CA reporting will come off and bring my score up and hope I don't miss out on an offer because the dispute is taking too long and I can't close it or it won't get removed.

Just thought I would post my tiny inch gained so that it might encourage others.