rapid rescore charge up cards

[clwill23]

Good morning
I had a quick question about rapid rescore simulation. We are working with a lender who is pretty good to get an FHA loan. The loan officer ran a credit report and told us she needed us to pay down some cards and I believe for me two collection accounts. Then provide her documentation and then she can do a rescore. So my husband had like 2 cards one was a balance of 415 the credit limit is 250 but she told him to pay to 233. The other card was 400 with a credit limit of 300 she told him to pay to 140. For our joint card we had a balance of 1550 credit limit of 750 and to pay to 10.00. For me she asked to pay one card from a bal of 844 to 145 it has a credit limit of 320. And pay off three collections and get letters then she can do a rescore. My thing was we paid the balances below what she said originally but she said it has to be the exact numbers and to charge the cards up. My qstn is how does this work and second the low balances on my hubbys two cards already updated on my hubbys report so will it give her a better score based on the original credit report ran last week

[user5387]

I don't understand the angle you're describing.

Typically for the greatest boost in scores you'd pay off all balances save for one, and let a small balance show on that one.

Rapid rescoring is a means of accelerating the reporting process, so that scores can be recalculated.

[clwill23]

Thanks for responding my apologies may sound quite confusing. Basically we were over limit on cards due to emergency circumstances. She ran the credit report on 2/12. We paid card down before she did the simulator. Two of the cards reported the new low balances to the credit bureaus. She later told us she did a simulator and it gave her the exact amounts needed to get max pts. I told her we paid it down she told us charge it back up to what the simulator told her. And it didn't matter when it reported. So does rapid rescore work for the report ran on 2/12. I just don't want her to do the rescore for those two cards that reported low and she rescores and it drops his score

[user5387]

For rapid rescoring to work, there has to be current information reported to the bureaus.  Without this you're out of luck.  Once the bureaus have this information, then a new score can be calculated.

When rapid rescoring is done, I believe that the people involved have access to simulators, but I don't know if such simulators are more accurate than what is available on this site.

I'd be cautious with people who tell you that there's an exact balance you need to have for optimum scores.

[AndySoCal]

The lender most likely is using the Credit Xpert FICO simulator. This simulator is one of the best if not the best in the industry. This FICO simulator will give you a balance to pay it down to in order to achieve the score increase that it states is possible.

[clwill23]

Thanks Andy, I believe you are correct the lender is using this software. I was just skeptical because the credit report has refreshed since she last pulled it with lower card balances. I have since recharged the cards and I will wait to see what she says, but i think if the simulator works then we should be good to go. I know she stated didnt matter what was reported.

[fittiger]

I'll be the first to admit I don't know anything about these scoring simulators, but this sounds very suspicisious to me.

Everything I've read around here and had personal experience with indicates your best score is with 1 account reporting a balance that is about 8-10% of your total revolving credit limit ( as long as it doesn't "max" out that one account any more than 40-50%; if it does then reducing the balance to less than that).

It almost sounds like they are manipulating your score to be able to approve you without having to give you a better rate.