topic Rapid Rescore in Understanding FICO® Scoring

Rapid Rescore

Jolo0801 — Sat, 18 Dec 2021 03:37:26 GMT

Hello All,

I am in need of a rapid rescore of my vantage score from Experian asap.

I'm being reconsidered for an SBA EIDL and I need them to repull my report. Before I allow them to do that, I need to make sure my scores are indeed update. I just paid off over $40k in revolving debt. I can't wait for them to update on there own.

My question is does anyone know of a good rapid rescore service?

Re: Rapid Rescore

FireMedic1 — Sat, 18 Dec 2021 08:47:10 GMT

Call the creditors and ask for rescore. Not the CRA's. CRA's only report whats given to them. Nice pay down.

Re: Rapid Rescore

Jolo0801 — Sat, 18 Dec 2021 12:50:36 GMT

@FireMedic1 wrote:
Call the creditors and ask for rescore. Not the CRA's. CRA's only report whats given to them. Nice pay down.

Thanks for the feedback. I've head of mortage companies doing rescores but I'm wondering if there's a service for it.

I really need someone with experience and that can get it done fast. It's an urgent matter that my vantage score goes up ASAP or I'll miss out on funding for my business. It just seems that doing it one by one with the creditors might be a crap shoot. Help me out if I have the wrong outlook on this.

Re: Rapid Rescore

FireMedic1 — Sat, 18 Dec 2021 13:00:20 GMT

Borrowers do not pay rapid rescoring fees, your provider does. But Vantage?

Re: Rapid Rescore

Jolo0801 — Sat, 18 Dec 2021 13:06:20 GMT

@Jolo0801 wrote:
@FireMedic1 wrote:
Call the creditors and ask for rescore. Not the CRA's. CRA's only report whats given to them. Nice pay down.
Thanks for the feedback. I've head of mortage companies doing rescores but I'm wondering if there's a service for it.
I really need someone with experience and that can get it done fast. It's an urgent matter that my vantage score goes up ASAP or I'll miss out on funding for my business. It just seems that doing it one by one with the creditors might be a crap shoot. Help me out if I have the wrong outlook on this.

Yes...Let me give you a little more information.

I am seeking an increase on my EIDL from the SBA. My research has found that they use the Vantage score vs the fico. My vantage and fico 2/3 are around the same. Very low. With that said, I know that if I paid down my balances then I would get a good boost because that's what's keeping my scores low. I've come into some cash in order to do that. So, I need to get the new balances reported before december 31. This is why I'm seeking a re-score. I dont have time to wait for a full months pay cycle. I have 8 accounts that need to be updated.

Re: Rapid Rescore

pakratus — Sat, 18 Dec 2021 15:17:55 GMT

Call each creditor and ask if they will report the new balance. May be called a 'mid-cycle' update (not sure if that's a term they use). Maybe they will, maybe they won't.

Re: Rapid Rescore

Jolo0801 — Tue, 21 Dec 2021 16:16:05 GMT

@pakratus wrote:
Call each creditor and ask if they will report the new balance. May be called a 'mid-cycle' update (not sure if that's a term they use). Maybe they will, maybe they won't.

So Navy Federal said they can't update but they provided me with a letter/form with the new balance. How can I get it to the bureaus without doing a dispute?

Re: Rapid Rescore

pakratus — Wed, 22 Dec 2021 14:55:48 GMT

I don't know that you can force an update if the bank is not willing to do it.

Submit the letter with your loan application. It will be up to the loan underwriters if they accept that in lieu of your credit reports.