Trying to refinance a construction loan into a permenant

[Anonymous]

I am in the process of re-fi'ing a construction loan into a permanent one.  The loan officer gave me a 7.5 rate and what I would like is a 6.5, my credit cards are over 90% (only two).  If I paid them down to at least 50% do you think my fico scorce would go up within the next two weeks? Or should I save the money to bring to closing.  Also I had a collection that dropped off today, how long before my score will reflect that one??

[Tuscani]

What are your current scores?

[Anonymous]

EQ-638  EX-645  TU-653

[Tuscani]

Can you get to 1-9%? That would increase your scores the most.. but any drop in util should help.

[Anonymous]

When the CC report to FICO, do your credit scores go up on the same day? or does it happen over a period of time, i.e. if your utilization decreased,would you see a difference in the scores or that day? 

Message Edited by SlowScore on 07-18-2007 03:35 PM

[Anonymous]

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@Anonymous wrote:

When the CC report to FICO, do your credit scores go up on the same day? or does it happen over a period of time, i.e. if your utilization decreased,would you see a difference in the scores or that day?

Message Edited by SlowScore on 07-18-2007 03:35 PM

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The score is a snapshot representing what is on your credit report at that time. If the CRA updated CC account X at 1:30 PM, a score pulled at 1:31 PM would be based on the new account X information.

By the way, the CC actually reports to the CRAs (Equifax, Experian, TransUnion), not directly to FICO or MyFico.

[Anonymous]

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SlowScore wrote:

When the CC report to FICO, do your credit scores go up on the same day? or does it happen over a period of time, i.e. if your utilization decreased,would you see a difference in the scores or that day? 

Message Edited by SlowScore on 07-18-2007 03:35 PM

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Yes... It is immediate. and the fastest way to get the bump. Your broker can prob do a Rapid Rescore if you get a letter from each that you paid down. The score will change even sooner if you go this route.

Rob

[chartley3]

If you can get a 7.5% rate with your scores take it. There is nothing stopping you from doing another Refi 6-12 months down the road.