topic Re: Rapid Rescore Question in Mortgage Loans

Rapid Rescore Question

numba1fan — Wed, 15 Jul 2020 19:45:06 GMT

Hi guys!

My LO told me that they want to do a rapid re-score on my account (I guess because I'm a few points away from the score that they typically want.) My question is - with a rescore, are ALL of my accounts being updated, or just the ones that I submitted information on? I had to sign two papers to get disputes removed off of credit report which is the reason for the re-score I believe. My credit cards typically report on the 5th, and after they report, I use the cards, but then pay them back in full (AZEO) before the new statement cuts. I am getting nervous because when my credit was pulled on the 7th, my cards were showing a 0 balance with one of them showing a 50 balance. Now I have used them and they all have a balance and I don't know if I need to pay them now, or just leave them be until before the statement like I normally do. I think I am fine, and that the only thing being updated is what I sent information in for, but I am not sure.

Any help/advice/info on rapid re-score will be helpful! Thanks!

Re: Rapid Rescore Question

VALoanMaster — Wed, 15 Jul 2020 20:49:22 GMT

@numba1fan wrote:
Hi guys!

My LO told me that they want to do a rapid re-score on my account (I guess because I'm a few points away from the score that they typically want.) My question is - with a rescore, are ALL of my accounts being updated, or just the ones that I submitted information on? I had to sign two papers to get disputes removed off of credit report which is the reason for the re-score I believe. My credit cards typically report on the 5th, and after they report, I use the cards, but then pay them back in full (AZEO) before the new statement cuts. I am getting nervous because when my credit was pulled on the 7th, my cards were showing a 0 balance with one of them showing a 50 balance. Now I have used them and they all have a balance and I don't know if I need to pay them now, or just leave them be until before the statement like I normally do. I think I am fine, and that the only thing being updated is what I sent information in for, but I am not sure.

Any help/advice/info on rapid re-score will be helpful! Thanks!

Hi @numba1fan ,

If the lender is doing a legit rapid re-score, they will have the dispute comments removed at the credit bureaus level & then pull a brand new report which will generate new scores. That means there is a chance that your ccs could pop up on the new report & have a negative impact on your scores.

Re: Rapid Rescore Question

Anonymous — Thu, 16 Jul 2020 12:10:15 GMT

@numba1fan Before you let them do it, pull your three reports for free from ACR and see if anything has changed. Then at least you have your eyes wide open in case somebody reported off cycle.

The only problem is if a creditor like Synch reported off cycle and then you can’t get them to do it again and your AZEO card isn’t a Chase/Discover or something you can have updated.

Good luck!

@VALoanMaster why is it called a rapid rescore if they're simply pulling another report? Is there something special about the pull or is it just another pull?

Re: Rapid Rescore Question

VALoanMaster — Thu, 16 Jul 2020 16:15:17 GMT

@VALoanMaster why is it called a rapid re-score if they're simply pulling another report? Is there something special about the pull or is it just another pull?

Hi @Anonymous,

A rapid re-score is where we get something updated with the credit bureaus. For example: Let's say you paid down 2 of your credit cards to zero balance. We would send in a statement letter showing zero balance on both cards to the credit bureaus. Once they update the balance, we get notified & pull a new report. Now that the balance info has changed, the scores should go up.

Re: Rapid Rescore Question

Anonymous — Thu, 16 Jul 2020 16:39:12 GMT

@VALoanMaster Ahhhh.... so you don't get the lender to do an off cycle report, you actually show them proof of the new balance and the credit bureau updates it based on the information you provide and they then provide a new score? Am I understanding correctly?

thank you for your time in answering.

Re: Rapid Rescore Question

VALoanMaster — Thu, 16 Jul 2020 16:43:15 GMT

@Anonymous ,

That is correct.

Re: Rapid Rescore Question

Anonymous — Thu, 16 Jul 2020 16:50:45 GMT

@VALoanMaster Awesome I always wondered how that worked, thank you for teaching me.

Re: Rapid Rescore Question

VALoanMaster — Thu, 16 Jul 2020 16:51:17 GMT

@Anonymous ,

No problem!

Re: Rapid Rescore Question

numba1fan — Thu, 16 Jul 2020 19:04:28 GMT

I see. So that basically answered my question. They will only update with what I am sending in. My credit cards should be fine since they don't update until the 5th (which I will have them paid by then) and they are just basically updating with my disupte statements being removed. Hopefully that will pull my scores up (which is the reason she is wanting the re-score anyway. Everything else was fine.) iThanks for clearing that up! @VALoanMaster , and thanks for that question which helped clarify @Anonymous !! I'll keep y'all updated once I find out more info. I'm just ready to get my approval with my closing date lol.

Re: Rapid Rescore Question

Anonymous — Thu, 16 Jul 2020 20:13:46 GMT

Keep in mind it’s always possible a creditor can do offcycle update, especially if you have synchrony.

Re: Rapid Rescore Question

TheKid2 — Fri, 17 Jul 2020 03:21:26 GMT

@Anonymous re: the OP. Is it possible that the algos read "dispute" in remarks or is it that the file is "under review"? I don't see how the removal of a remark, which seems to be the goal of this rapid rescore would actually change the score. If the balances haven't changed, (OP's hasn't reported yet) the score should be the same.

Re: Rapid Rescore Question

Anonymous — Fri, 17 Jul 2020 07:08:14 GMT

@TheKid2 Mortgages require no open disputes so that has to be resolved to move forward and he’s also updating the balance on some of his accounts I believe.

Re: Rapid Rescore Question

numba1fan — Fri, 17 Jul 2020 16:13:43 GMT

@TheKid2 I was wondering the same thing, but apparently I can't have any open disputes or dispute statements on my credit file. My loan advisor told me that I needed those off, and that she had to order a re-score once they come off in order to move forward. I guess I'll see what happens as far as if my score goes up or not once she calls me next week with the results.

Re: Rapid Rescore Question

TheKid2 — Fri, 17 Jul 2020 16:15:50 GMT

@numba1fan wrote:
@TheKid2 I was wondering the same thing, but apparently I can't have any open disputes or dispute statements on my credit file. My loan advisor told me that I needed those off, and that she had to order a re-score once they come off in order to move forward. I guess I'll see what happens as far as if my score goes up or not once she calls me next week with the results.

AH! Well, good luck! Let us know what happens.

Re: Rapid Rescore Question

VALoanMaster — Fri, 17 Jul 2020 17:44:44 GMT

@numba1fan wrote:
@TheKid2 I was wondering the same thing, but apparently I can't have any open disputes or dispute statements on my credit file. My loan advisor told me that I needed those off, and that she had to order a re-score once they come off in order to move forward. I guess I'll see what happens as far as if my score goes up or not once she calls me next week with the results.

That's actually not true & removing the dispute remarks could cause your scores to drop.

Unless the LO ran a simulator and knows how the scores are likely to respond, I would try & get a 2nd opinion.

Re: Rapid Rescore Question

Anonymous — Fri, 17 Jul 2020 20:32:03 GMT

@VALoanMaster wrote:
@numba1fan wrote:
@TheKid2 I was wondering the same thing, but apparently I can't have any open disputes or dispute statements on my credit file. My loan advisor told me that I needed those off, and that she had to order a re-score once they come off in order to move forward. I guess I'll see what happens as far as if my score goes up or not once she calls me next week with the results.
That's actually not true & removing the dispute remarks could cause your scores to drop.
Unless the LO ran a simulator and knows how the scores are likely to respond, I would try & get a 2nd opinion.

@VALoanMaster Please educate me again. Why does it seem everyone has to have disputes removed pre-closing? What's the actual requirement?

What remarks could affect score? (Mortgages aren't my speciality.)

Re: Rapid Rescore Question

numba1fan — Fri, 17 Jul 2020 21:23:45 GMT

@VALoanMaster wrote:
@numba1fan wrote:
@TheKid2 I was wondering the same thing, but apparently I can't have any open disputes or dispute statements on my credit file. My loan advisor told me that I needed those off, and that she had to order a re-score once they come off in order to move forward. I guess I'll see what happens as far as if my score goes up or not once she calls me next week with the results.
That's actually not true & removing the dispute remarks could cause your scores to drop.
Unless the LO ran a simulator and knows how the scores are likely to respond, I would try & get a 2nd opinion.

So why would my LO tell me that I need the dispute statements removed in order to get approved if it's not true? This is very frustrating as I'm on a time crunch. Finding another LO is definitely an option if need be considering the fact that I need to close by September 30th

Re: Rapid Rescore Question

Anonymous — Fri, 17 Jul 2020 22:26:24 GMT

I’ve always read the disputes had to be removed or resolved or explained, so I’m definitely looking forward to learning if the truth is different.