topic Re: Rapid Rescore? in Mortgage Loans

Rapid Rescore?

Anonymous — Sat, 23 Aug 2008 15:59:33 GMT

How long does it take to do a rapid rescore?

Re: Rapid Rescore?

BrianB_The_Loan_Professor — Sat, 23 Aug 2008 17:51:09 GMT

It depends on the vendor?

5-10 days usually

Re: Rapid Rescore?

Anonymous — Sat, 23 Aug 2008 18:50:41 GMT

Thanks Brian! We have a few collections that were paid a few months back and still showing unpaid, so I was curious if/how long it took for rescore if I had LO to address these items.

Re: Rapid Rescore?

BrianB_The_Loan_Professor — Sat, 23 Aug 2008 20:38:20 GMT

It can get costly but sometimes necessary. If it isnt going to impact rate then you can usally just show lender proof that things are paid off and they wont count them against you. Just wont help your score that way.

Re: Rapid Rescore?

Anonymous — Sat, 23 Aug 2008 21:08:38 GMT

Collections listed by a CA under the collection portion of your report, will likely not affect your score by showing paid.

Re: Rapid Rescore?

Anonymous — Mon, 25 Aug 2008 17:12:25 GMT

When I was going to do a rapid rescore I was told it only took 3 days.

Re: Rapid Rescore?

DallasLoanGuy — Mon, 25 Aug 2008 17:53:41 GMT

coco28 wrote:
When I was going to do a rapid rescore I was told it only took 3 days.

depends on the vendor

Re: Rapid Rescore?

Anonymous — Wed, 03 Sep 2008 15:44:40 GMT

So my scores are in the mid 500's, but my loan officer told me he would rapid rescore me bc I have paid all my debts to zero and have the letters to show.....is it possible to bring me to a 580 for FHA?

I have a Lane Bryant card paid off, Cap One card paid off and satisfied judgment....

Re: Rapid Rescore?

Junejer — Wed, 03 Sep 2008 16:09:58 GMT

@Anonymous wrote:

So my scores are in the mid 500's, but my loan officer told me he would rapid rescore me bc I have paid all my debts to zero and have the letters to show.....is it possible to bring me to a 580 for FHA?

I have a Lane Bryant card paid off, Cap One card paid off and satisfied judgment....

Are these cards open and active?

Re: Rapid Rescore?

Anonymous — Wed, 03 Sep 2008 16:22:20 GMT

No, they are both charge offs. But I did open a secured card for $1000 with my credit union.

Re: Rapid Rescore?

Junejer — Wed, 03 Sep 2008 16:32:07 GMT

@Anonymous wrote:

No, they are both charge offs. But I did open a secured card for $1000 with my credit union.

The COs should actually help your util. Keep the secured card reporting a util of 1-9% and your score will rise also. GL

Re: Rapid Rescore?

Anonymous — Wed, 03 Sep 2008 16:35:55 GMT

So, the rapid rescore seems realistic for FHA?

Re: Rapid Rescore?

Anonymous — Fri, 31 Oct 2008 18:16:05 GMT

My DH and I just paid off some stuff that was late and charged off.

We paid off the following accounts:

Capital One (paid in full, no settlements)

American Express (pd the CA but AMEX said they will re-establish the credit once its paid)

Macy's (pd in full, but the closed my acct?)

Best Buy (30 days late, pd balance in full)

So, we got denied on our 1st pre-approval for a FHA loan because of the lates on the accounts. We paid everything off that had a balance on it. My credit score went up from a 571 to 632 in 30 days (Equifax report).

Do you think that the rapid re-score will help us?

Re: Rapid Rescore?

Anonymous — Tue, 04 Nov 2008 06:14:48 GMT

Any suggestions for my situation

Re: Rapid Rescore?

Anonymous — Sat, 23 Jun 2012 00:49:13 GMT

any advice on how I can get my scores up 50 points in the next 2 months? I have several paid collections over 2 years old, late payments due to co-signing but paid the account off in 2011, and 16 inquiries this year. I also have some high balances on cc over the last 6 months but paying them off within the next few weeks. Is it even possible to get an increase from Tu 654, EQ 658 up 50 points?

Re: Rapid Rescore?

Anonymous — Sat, 23 Jun 2012 00:54:55 GMT

@Anonymous wrote:
any advice on how I can get my scores up 50 points in the next 2 months? I have several paid collections over 2 years old, late payments due to co-signing but paid the account off in 2011, and 16 inquiries this year. I also have some high balances on cc over the last 6 months but paying them off within the next few weeks. Is it even possible to get an increase from Tu 654, EQ 658 up 50 points?

Just curious what is the reason you want the increase? Is it just in general you want to build up your credit scores, are you looking for better rates on a mortgage, are you looking to buy a car, or some other major purchase?