topic Re: Rapid Rescore authorization needed for CRAs? in Mortgage Loans

Rapid Rescore authorization needed for CRAs?

Anonymous — Thu, 22 Sep 2011 21:25:42 GMT

Working with a broker trying to buy a home. I am just 9 points short in my middle score to qualify....

I am trying to do a rescore and hes having me work with his admin that most the time does not seem to understand anything....So anyways...

So, I settled a CO with Capital One. I had them fax her the letter agreeing this and a copy of the receipt letter saying that my account is now paid.

She told me she was going to do a rapid rescore to get that zero balance reflected. As a note…since that account is showing in my utilization my lender even told me his score calculator showed that if that balance was zero it should give me at least 30 points… So lil info but not part of my question....

I did not want to wait the 30-60 days for the new balance to reflect so rapid rescore was our best option.

So, I have 2 questions…

She told me I had to give Capital One permission to speak to the credit bureaus about the account as they will call to confirm. Is this right? I do not understand why a company that is already reporting negative information to the credit bureaus now need permission to confirm the new balance…

Then….

2 She told me a week ago she sent in the rescore. Told me Tuesday when I asked for an update they were just waiting on one bureau and then today tells me I need to call Capital One to give them permission to release to the bureaus. So fine, I will call again but should this take a week to basically go no where other than we need your consent... especially since they have had it. I even sat on hold for a while so the guy I paid could get to the right screen to make sure it authorized them to speak about my account...

Re: Rapid Rescore authorization needed for CRAs?

Anonymous — Thu, 22 Sep 2011 22:53:50 GMT

BUMP

Re: Rapid Rescore authorization needed for CRAs?

doublespaces — Fri, 23 Sep 2011 02:41:02 GMT

I don't have any experience with rapid rescore, however I don't know much about your account but what I do know is they will grade your report based on the worst reported delinquincy. If you pay off your charge off but still have another unpaid charge off then your score is unlikely to move very much. If you deleted the tradeline itself and it wasn't hurting your AAoA then I would say you could get 30 points possibly, but if I were you just keep that in mind. If its your only delinquent account then you may get the 9 points you need, hoping you do!

Re: Rapid Rescore authorization needed for CRAs?

Anonymous — Fri, 23 Sep 2011 21:04:46 GMT

Anyone know how Rapid Rescore works???

I did call Capital One and my file says its ok to release to the CRA's but this does not make sense to me see. Why do they need permission to update the CRAs when they are already posting information.....

My LO is saying Cap One is refusing to confirm the new balance to the CRA's.

Just not sure what to believe right now...

Any LOs reading this please adivise...

I left my LO a vm asking what else I can do so I dont have to sit and wait for nothing to happen another week. But not getting a call back...

Re: Rapid Rescore authorization needed for CRAs?

Anonymous — Sun, 25 Sep 2011 18:57:38 GMT

well found out what happened, capital one will not confirm that i paid the account for 30 days.... no matter how you pay, ...... they said it was because some people have pulled the money back...

what annoys me with this, is the only benefit for me for them to confirm the account is paid....and.. get an improved credit score.... if i turn around and pull the money back.... they can just go back and repost the old balance and my score will go back up....

so i dont buy that reason at all..

so basically I have to wait....

so annoyed....

Re: Rapid Rescore authorization needed for CRAs?

Anonymous — Mon, 26 Sep 2011 16:26:58 GMT

We did rapid rescore with a Capital One credit card. It took about a week but raised my score 30+ points.

Re: Rapid Rescore authorization needed for CRAs?

MissMia75 — Mon, 26 Sep 2011 17:17:21 GMT

@Anonymous wrote:
We did rapid rescore with a Capital One credit card. It took about a week but raised my score 30+ points.

Veggs, was the Cap One for a CO account?

Re: Rapid Rescore authorization needed for CRAs?

Anonymous — Tue, 27 Sep 2011 12:47:12 GMT

@MissMia75 wrote:
@Anonymous wrote:
We did rapid rescore with a Capital One credit card. It took about a week but raised my score 30+ points.

Veggs, was the Cap One for a CO account?

No, it was a credit card balance that was paid from 103% to 9% utilization. Capital One was a pain in the butt about providing proof to us it was paid down so we just printed off the statement from online and whatever company does the rapid rescore was happy with that.

Re: Rapid Rescore authorization needed for CRAs?

MissMia75 — Tue, 27 Sep 2011 15:09:32 GMT

@Anonymous wrote:
@MissMia75 wrote:
@Anonymous wrote:
We did rapid rescore with a Capital One credit card. It took about a week but raised my score 30+ points.

Veggs, was the Cap One for a CO account?
No, it was a credit card balance that was paid from 103% to 9% utilization. Capital One was a pain in the butt about providing proof to us it was paid down so we just printed off the statement from online and whatever company does the rapid rescore was happy with that.

Gotcha

Re: Rapid Rescore authorization needed for CRAs?

Anonymous — Tue, 27 Sep 2011 21:36:54 GMT

Just be careful. In my other post I shared how I paid off a CO with Barclays and my score dropped. I know everyone's situation is different and you may get a positive result (I'll cross my fingers for you!). The way the CO was reporting had my utililzation on that card at 208% (overall util of 40%). Had a $250 limit with a $522 balance. It was charged off when I was deployed (CO in Sept 2010). I just recently paid it and my score dropped by 6 points as it now lists the CO as Sept 2011. I hope it all works out for you. Good luck.

Re: Rapid Rescore authorization needed for CRAs?

Anonymous — Thu, 29 Sep 2011 20:26:44 GMT

Well the account balance showed up yesterday as zero... not sure what happened since they said they would not confirm till next month but I am happy.

Did my score update here on myfico.com and I gained 35 points so I am now over the 640 min neeeded with equifax (was my middle score before). Just waiting on my lender to pull all 3 to confirm.

But the equifax score on here always seems to match their equifax so I should be good.

On to home ownership...

Finally.

Went from $27k in total debt to just $9k and that is all my car loan.... Did it all in 5 months thanks to this website!

Re: Rapid Rescore authorization needed for CRAs?

Booner72 — Sat, 01 Oct 2011 01:01:19 GMT

Nice job! What a relief.

Re: Rapid Rescore authorization needed for CRAs?

mamahearts — Sat, 01 Oct 2011 03:27:57 GMT

That's awesome! Good for you!

@Anonymous wrote:
Well the account balance showed up yesterday as zero... not sure what happened since they said they would not confirm till next month but I am happy.

Did my score update here on myfico.com and I gained 35 points so I am now over the 640 min neeeded with equifax (was my middle score before). Just waiting on my lender to pull all 3 to confirm.

But the equifax score on here always seems to match their equifax so I should be good.

On to home ownership...

Finally.

Went from $27k in total debt to just $9k and that is all my car loan.... Did it all in 5 months thanks to this website!

Re: Rapid Rescore authorization needed for CRAs?

Anonymous — Sat, 01 Oct 2011 18:58:59 GMT

Offical change in scores with this balance now reporting as zero from lender..

Starting scores in April

EQ 605

EX 598

Tu 575

last month before the capital one account showing the zero balance

EQ 631

EX 641

Tu 605

after my new zero balance.....80 point increase in TU CRAZY

EQ 653

EX 700

Tu 687

So its offical... My credit is repaired... Just have some old late payments over 5 years old that will slowly fall off

Good luck to everyone else out there still in the process

Re: Rapid Rescore authorization needed for CRAs?

Anonymous — Sat, 01 Oct 2011 19:14:45 GMT

It's official...you're the comeback kid! Great job. I hope to be in your position, purchasing a home, in the next 5 months.