cancel
Showing results for 
Search instead for 
Did you mean: 

rapid rescore

tag
MarcPA
Valued Member

rapid rescore

Paid down a few accounts I was preapproved with a usda gaurunteed through a broker then I got rebucketed while in the process my mid scores went fron 646 to 639. I am concerned this won't update fast enough as I close in a month and of the lender pulls I am worried I will be disqualified would it hurt to send some documentation and get a rapid rescore I know it costs money but would give me better peace of mind.
Message 1 of 9
8 REPLIES 8
llecs
Moderator Emeritus

Re: rapid rescore

How do you know you got rebucketed?

Message 2 of 9
MarcPA
Valued Member

Re: rapid rescore

I got alert from myfico and nothing changed it basically described a rebucket without using the words in the alert
Message 3 of 9
llecs
Moderator Emeritus

Re: rapid rescore

I don't think you were rebucketed. That alert is a score alert and everyone receives that absent a specific credit alert. Also rebucketing usually involves much more in the way of points lost (or gained).

 

Since you have SW, you can narrow out several reasons that led to the loss like added accts, added inquiries, increased balances, etc. But there are quite a few things that could have changed on your EQ report that could have led to a 7 point drop. In the scheme of things 7 pts isn't much (I know it doesn't seem that way when apping for a mortgage), and there are things that could have changed that could have led to a 7 pt drop. The following could have dropped your scores -AND- wouldn't have resulted in a credit alert:

 

  • A TL dropped.
  • A CLD on one or more accounts. It isn't uncommon for balances to be paid down and limits decreased if balances were high for a long while.
  • Balances all reached $0.
  • Balances may have decreased, but if you added one or more accounts with a non-$0 balance then that can drop your scores. You won't get an alert for a $1 balance increase, for example.
  • You paid off a closed CC. They will immediately be removed from scoring.
  • You paid off a CO. It's not uncommon for a late to be added, but  you wouldn't get an alert because the status wouldn't change from the CO status.

 

Aside from the above, you also said your mid-score dropped. Are you certain it was the same CRA that was being considered both times, namely EQ?

Message 4 of 9
MarcPA
Valued Member

Re: rapid rescore

Yes my mid score was my Equifax. From what I can see nothing changed it alerted me for a balance decrease a week prior and the report is the same. My concern is to show 2 of 3 credit cards paid down to zero to compensate. One shows a balance of zero out of 200 another shows 66 of 750 and another reports 88 of 1000 even though the limit is 1300. The 66 was paid down. I am just trying to bring it back above 640 and don't want to risk waiting weeks for update my tu is 625 and my experian during preapproval was 706 I think. Its a usda loan and I am going to lose a lot of sleep till all is said and done
Message 5 of 9
MarcPA
Valued Member

Re: rapid rescore

So got some request back from Lender no biggie looking for explanation for collections and bank statments also requested rental verification and  last 12 cleared rent checks. Scores still dont show as updated but to be safe I got my credit card company to fax me letters stating the balance and limit on letterhead. Apparently my lender offers rapid rescore services but it didnt seem like they had any issues. Looking for conditional commitment tommorrow and still close the 19th. Hopefully this doesnt get tied up at the USDA office. Does anyone have experience with Rapid rescore during the loan process?

Message 6 of 9
llecs
Moderator Emeritus

Re: rapid rescore

You'll find more with experience over in Mortgage Loans. YOu may want to ask the rapid rescore question there.

Message 7 of 9
liandur
Valued Member

Re: rapid rescore

I am going through a similar situation and prior to attempting a rapid rescore through my lender I have been calling my cc companies to find out if they would do a requested mid cycle update.

 

HHGregg: will fax letter of new balance to lender (allowing them infomation to initiate rapid rescore)

HSN: same

Capital One: same

US Bank: same

 

PayPal Smart Connect: will email or FAX letter of new balance to myself or lender (allowing info. to initiate rapid rescore

 

 

HERE"S THE GOOD ONE!!!

 

 DISCOVER: will do a mid cylce update upon request! Just have to call them to initiate it! SIMPLE< SIMPLE<SIMPLE!!! And I did not have to go through a zillion channels to get response!!

 Of course I have heard that it can take EQ (my mid score) 5-7 days after reporting to update accordingly!

We'll see!

Message 8 of 9
AndySoCal
Valued Contributor

Re: rapid rescore

Are sure that mid score is still the Equifax score and different bureau?

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash+ 12,000 Citibank Custom Cash 5/2015 11,100 C State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Quorum FCU State Department FCU State Department FCU Pelican State CU Redstone FCU

Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.