topic Re: How long does a rapid rescore take? in Mortgage Loans

How long does a rapid rescore take?

Anonymous — Wed, 06 May 2009 01:53:55 GMT

My Mortgage officer said I needed to get a rapid rescore done to qualify for a loan with a better interest rate. Well it has been 3 weeks now and we have not heard anything yet ( not rapid at all). I had done some work on my credit on my own last month and thanks to everything i've learned here I have gotten a few things deleted and my score went up 12pts this month! I only eed 8 more points so I am anxiously waiting and hoping that the rescore has not been done and will give me the extra points I need. So how long do these normaly take my mortgage lady said 3 days but again its been 3 weeks.

Re: How long does a rapid rescore take?

gpeach — Wed, 06 May 2009 02:24:01 GMT

Ours only took a few days. Have you called the mortgage officer, or just not heard from them?

Re: How long does a rapid rescore take?

Anonymous — Wed, 06 May 2009 13:37:12 GMT

I have called her and she said that they told her to be patient and she passed that on to me. but 3 weeks is a bit much.

Re: How long does a rapid rescore take?

Anonymous — Wed, 06 May 2009 13:43:11 GMT

The "rapid rescore" is really a dispute of balance. And as in any dispute, it is up to the creditor you are disputing the balance to. The mortgage company has no control over how long this will take. Generally it happens within a couple days to a couple weeks. But the creditor may not respond for 30 days. On rare occassion, it can even cause the TL to be deleted entirely if the creditor failed to respond in 30 days to the inquiry/dispute.

Re: How long does a rapid rescore take?

Anonymous — Wed, 06 May 2009 15:13:33 GMT

Oh wow thank txjohn i was told it was something completly different. i was told that company doing the rescore would just call the CA's and update everything according to what they were told and get a FICO rescore. doesnt sound like they are doing anything special.

Re: How long does a rapid rescore take?

DallasLoanGuy — Wed, 06 May 2009 16:19:42 GMT

3 - 5 days.

but they sometimes come in quicker

Re: How long does a rapid rescore take?

Anonymous — Wed, 06 May 2009 16:37:46 GMT

Ok Dallas I am in Dallas so 3 weeks is deffinatly to long? and Im mad because i paid $90 for this and im already pass closing luckily the seller is not making me pay a fee but she may change her mind.

Re: How long does a rapid rescore take?

Anonymous — Wed, 06 May 2009 16:41:26 GMT

Your exerience of 3 weeks gives you real world evidence of how long it can take. My brother also paid for this type of rapid rescore and a couple accounts was within a couple days. But he had one account that took almost a full month.

Since that time, we have found that an online dispute of balance through the CRA affects the same response times as the paid rapid response and is FREE.

@Anonymous wrote:
Ok Dallas I am in Dallas so 3 weeks is deffinatly to long? and Im mad because i paid $90 for this and im already pass closing luckily the seller is not making me pay a fee but she may change her mind.

Re: How long does a rapid rescore take?

Anonymous — Wed, 06 May 2009 17:09:26 GMT

yeah im going to call my loan officer and ask her to find out what is the hold up.

Re: How long does a rapid rescore take?

Anonymous — Wed, 06 May 2009 17:27:23 GMT

@Anonymous wrote:
I have called her and she said that they told her to be patient and she passed that on to me. but 3 weeks is a bit much.

I agree. There is nothing rapid about a 3 week wait.

Re: How long does a rapid rescore take?

DallasLoanGuy — Wed, 06 May 2009 17:42:54 GMT

@Anonymous wrote:
Ok Dallas I am in Dallas so 3 weeks is deffinatly to long? and Im mad because i paid $90 for this and im already pass closing luckily the seller is not making me pay a fee but she may change her mind.

they aren't supposed to charge you for rapid rescore. every credit report company i have used has told me this.

Re: How long does a rapid rescore take?

Anonymous — Wed, 06 May 2009 17:47:02 GMT

See I knew my mortgage loan lady was ripping me off she has been charging me credit report updates and told me it would be $30 for each CRA to get rescored. she gets the reports from Kroll and i think thats who is doing the rescore. she claimed that they charg her

Re: How long does a rapid rescore take?

DallasLoanGuy — Wed, 06 May 2009 17:48:37 GMT

@Anonymous wrote:
See I knew my mortgage loan lady was ripping me off she has been charging me credit report updates and told me it would be $30 for each CRA to get rescored. she gets the reports from Kroll and i think thats who is doing the rescore. she claimed that they charg her

they DO charge her. but if you call kroll.... they will tell you that this charge CANNOT be passed along to the consumer.

Re: How long does a rapid rescore take?

DallasLoanGuy — Wed, 06 May 2009 17:54:30 GMT

I am told by Credco that it violates the Fair Credit Reporting Act.

Re: How long does a rapid rescore take?

Anonymous — Wed, 06 May 2009 18:24:19 GMT

So are you guys saying I can report her to the fair credit act? but then she will not do my loan. But it sucks to be takin advantage of.

Re: How long does a rapid rescore take?

Anonymous — Wed, 06 May 2009 18:52:24 GMT

So are you guys saying I can report her to the BBB? but then she will not do my loan. But it sucks to be takin advantage of.

Re: How long does a rapid rescore take?

Anonymous — Wed, 06 May 2009 20:39:24 GMT

My LO just told me it would cost me $30.00 per TL per report.