Mortgage and Rapid Rescore

turninganewleaf — Mon, 04 Feb 2008 16:59:56 GMT

Hello,

I'm apping for a home mortage w/in 30 days. However, I have a question about my AMEX reporting and a rapid rescore...

My AMEX account reports 30 days behind. As of today, it is reporting my balance from December of $414.00 which dropped my TrueCredit score 12 points on Transunion (EX and EQ haven't hit yet). Today, my balance is $250.00 on the AMEX. However, after tomorrow, my balance will be $0.

Could I ask for a rapid rescore to reflect the $0 AMEX balance at the time I app in a week or two? How does it work? Does the lender request AMEX to report the new balance and would the lender be given the $0 balance?

Re: Mortgage and Rapid Rescore

ShanetheMortgageMan — Sat, 09 Feb 2008 18:23:32 GMT

You can request a rapid rescore but not all lenders/brokers have that capability. A friend of mine who worked at Bank of America had me do a rapid rescore on his client because they couldn't do them.

The rapid rescore would need a letter (not statement) from AMEX stating: your name, your account number, the date, the new information ("New balance of $0.00"), the person/department who wrote the letter, their contact information, and it must be on their letterhead. Once you or AMEX delivers that letter to the loan officer, the loan officer relays it to their credit vendor, the credit vendor communicates with the credit bureaus that information, the information is confirmed, and then the credit bureaus update their information and scores change... then a new tri-merge is pulled to get your new scores to the lender. It can be anywhere from a 3-6 business day process from the time the lender gets the initial letter. A faxed copy of the letter is acceptable as well.

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Mortgage and Rapid Rescore

Re: Mortgage and Rapid Rescore