Really Worried! Need 15 point increase!

[Anonymous]

I need to increase my FICO score from a 685 to 700 to qualify for a mortgage.  I recently paid down my 2 credit cards and I decreased me revolving credit card debt from 86% to 36% uti.  My mortgage broker is doing a repaid rescore on Monday to see if this will increase my score by 15 points.  I have an excellent re-payment history and 3 installment loans that I always pay on time (2 are student loans).  Do you think this is going to work?

I am really nervous!! 

Thanks!

[moondog7324]

I don't know what a rapid rescore is- but those payments won't post until they are reported by the CC. That is a nice decrease in utilization- If you can get it down to <10% your golden.

[Anonymous]

I think you'll get your 15 points and more. You should be good to go.

Rapid rescores are companies that have special deals with the credit bureaus. You generally can only approach them through a mortgage company or other lender. They can get your score changed within a few days if you've got a confirmed error or if you can prove that you just paid down (or off) a credit card.

http://www.bcsalliance.com/credit_rapidrescoring.html

[wemmington]

If it doesn't work you should get a bigger point increase by paying down to 29%.  I think you will probably get alot more than 15. 

Message Edited by wemmington on 03-15-2009 12:41 AM

[Anonymous]

This is a duplicate posting that has been posted on a few different forums.

I am locking this thread and all off the duplicates, except for 1.

Please see http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=34796

Please read the Credit Repair Discussion Guidelines, Terms of Service, and User Guidelines as "bombing" the site with repetitive postings or excessive cross posting is prohibited.