topic Re: Rapid Rescore - how long does it really take in your experience? in General Credit Topics

Rapid Rescore - how long does it really take in your experience?

Anonymous — Tue, 11 Feb 2014 17:45:01 GMT

My LO is currently doing a Rapid Rescore for me. I was an authorized user on a family member's Bloomingdales CC and they made a late payment in December. After calling Bloomingdales, they sent me a letter as proof to show they will be removing/reversing any damage done to my credit score. I also paid down to below 10% on the rest of my credit cards during this time. The Rapid Rescore was requested last Monday. As of today we have the Equifax and Experian rescores, but Transunion is still processing. This is for a mortgage, and we are closing Feb 28. I have heard that these rescores can take a longtime, OR be back within a week. What have your recent experiences been?

Any advice/ stories of experiences would be great. Thanks!

Re: Rapid Rescore - how long does it really take in your experience?

Anonymous — Tue, 11 Feb 2014 17:59:59 GMT

I have no experience with rapid rescoring.

However, it seems like there could be a bottleneck in getting all the lenders to update information with the credit bureaus. I don't know if there's a magic way to make lenders do this, but I suspect not.

Once this is done, the actual report pull and score calculation should be pretty much instantaneous.

Rapid rescoring is a specialized product, and I don't know how tightly it's coordinated.

Re: Rapid Rescore - how long does it really take in your experience?

AndySoCal — Wed, 12 Feb 2014 00:28:19 GMT

Ususally in 2 or 3 days after the request is submitted maybe less.

Re: Rapid Rescore - how long does it really take in your experience?

Revelate — Wed, 12 Feb 2014 04:57:18 GMT

@Anonymous wrote:
I have no experience with rapid rescoring.

However, it seems like there could be a bottleneck in getting all the lenders to update information with the credit bureaus. I don't know if there's a magic way to make lenders do this, but I suspect not.

Once this is done, the actual report pull and score calculation should be pretty much instantaneous.

Rapid rescoring is a specialized product, and I don't know how tightly it's coordinated.

It costs a fee to do a rapid rescore in a mortgage process; so it happens quickly as Andy suggests.

Re: Rapid Rescore - how long does it really take in your experience?

Anonymous — Wed, 12 Feb 2014 12:40:09 GMT

It looks like the rapid rescoring process requires some type of written documentation from the various lenders, and if that can be supplied immediately, then the process is rapid. If not, then it might take a while.

I expect it's a matter of knowing up front what is possible to achieve, when not to try, and how to avoid scams.

http://ficoforums.myfico.com/t5/Mortgage-Loans/Rapid-Rescore-am-I-wasting-my-time/td-p/2084947

https://www.balancepro.net/education/publications/rapidrescoring.html

Re: Rapid Rescore - how long does it really take in your experience?

Anonymous — Wed, 12 Feb 2014 15:07:31 GMT

Thanks for the advice, experiences so far. As of today, it's been 7 business days and TransUnion has still not updated. We sent our LO the letter from the Bloomingdale's credit dept. last Monday that says " We have reviewed your request, and have deleted a Bloomingdales account, numbers *******, from your credit files with Experian, TransUnion and Equifax". This letter is dated Jan 31. The LO said they requested an update last Monday. It seemed very straight forward, but it is worrisome that it is way past 2-3 days, and we are still waiting on this "rapid" rescore. Our LO doesn't seem worried about it at all and just keeps saying that it should be anyday.

Re: Rapid Rescore - how long does it really take in your experience?

AndySoCal — Fri, 14 Feb 2014 03:11:13 GMT

Your LO is not doing this via the credit reporting agency where the credit report was purchased from? If I am understanding this right that is why it is taking so long.

Re: Rapid Rescore - how long does it really take in your experience?

Anonymous — Sat, 22 Feb 2014 01:10:06 GMT

I have a qstn regarding rapid rescore as well. My loan officer pulled our credit and told us we needed our score a little higher and she could do a rapid rescore. We paid our cards right before she pulled credit so once she told us what to pay we had to charge the cards up. For instance one card had a balance of 415 the credit limit was 300 we paid it to 96 but based on the simulator she told us to pay it to 140. The account reported the 96 balance to the bureau before rapid rescore. My question is why would rapid rescore tell us to pay to 140 and is it needed even though its reported to bureau already

Re: Rapid Rescore - how long does it really take in your experience?

AndySoCal — Mon, 24 Feb 2014 04:43:17 GMT

The simulator is using the credit report data not what is currently at the bureau.