topic Re: Rapid rescore questions..help..ASAP in Mortgage Loans

Rapid rescore questions..help..ASAP

Anonymous — Thu, 15 Jan 2015 02:34:10 GMT

I recently applied for a mortgage right before Christmas. My mid score was 639 and husbands was 646. I needed one point which occurred within three days after they pulled credit. I had equifax score watch so it was the same score she was pulling. I asked if she could go ahead and repull at that point and she said she had to wait thirty days. I got an email today that they had ran some program that said if I paid down x amount on three cards I would get a 20-30 point boost. And she said for me to do this I had to pay $182. I'm very confused and need help on what I need to do.

Re: Rapid rescore questions..help..ASAP

newstart2010 — Thu, 15 Jan 2015 02:45:36 GMT

Sounds like paying for a rapid rescore, and she wants you to pay down a few things before doing so. am i correct?

Re: Rapid rescore questions..help..ASAP

Anonymous — Thu, 15 Jan 2015 02:57:43 GMT

Yes she wants me to pay down more on credit utilization which I have been doing but increase the amounts some. I just don't understand why a rapid rescore if some have already updated...why not just repull the reports? And why do I have to pay for the rescore? I have read where others haven't had to.

Re: Rapid rescore questions..help..ASAP

Anonymous — Thu, 15 Jan 2015 02:58:42 GMT

Btw...my current fico 04 score is 643...above the mid score she was looking for.

Re: Rapid rescore questions..help..ASAP

newstart2010 — Thu, 15 Jan 2015 03:06:49 GMT

It sounds like you both need to make sure you are on the same page. She wants your utilization low, and if you need to pay down a few more things you will need to rescore so that the reports show the proper data and current balances toget the correct fico score.

Re: Rapid rescore questions..help..ASAP

Anonymous — Thu, 15 Jan 2015 03:12:24 GMT

It's illegal to charge the borrower for a rapid rescore.

Re: Rapid rescore questions..help..ASAP

Anonymous — Thu, 15 Jan 2015 03:16:30 GMT

That's what do have been readin so I'm trying to fin some basis for this before I move forward with this. Very frustrated at this time.

Re: Rapid rescore questions..help..ASAP

DallasLoanGuy — Thu, 15 Jan 2015 04:56:27 GMT

@Anonymous wrote:
It's illegal to charge the borrower for a rapid rescore.

many still charge it...... cheapskate lenders

Re: Rapid rescore questions..help..ASAP

DallasLoanGuy — Thu, 15 Jan 2015 04:57:35 GMT

@Anonymous wrote:
Yes she wants me to pay down more on credit utilization which I have been doing but increase the amounts some. I just don't understand why a rapid rescore if some have already updated...why not just repull the reports? And why do I have to pay for the rescore? I have read where others haven't had to.

loan officer either doesnt understand or they have some weird policy

this should not be a problem at any lender

Re: Rapid rescore questions..help..ASAP

AndySoCal — Fri, 16 Jan 2015 04:19:09 GMT

It sounds like the loan officer has used a FICO simulator called Credit Xpert. The best and most accurate similator on the market. (for lenders only) I would follow the advice.