I am buying a house in about 2-3 months. I need my credit...

[Anonymous]

I am buying a house in about 2-3 months. I need my credit score to go up about 15-20 points in order to be in abetter loan package. I just recently paid off two cards of about 15,000.00. The cards now have zero balance and are closed. Will this help my score?

Also, since this is time related, I need the score to change a.s.a.p. My underwriter said that card companies can report to the 3B's electronically, in order expidite my score. Is this possible? Can I request to have the credit companies report to the 3B's electronically?

thanks

[Tuscani]

All reporting is electronic.. CCCs generally report once a month. You could ask them to report earlier but they may or may not comply.

While your score will increase, the amount of increase will depend on what your util was before and what is is now that you have paid off two cards.

[Anonymous]

You should have not closed those two accounts as you have lost some of the history. That may have actually lowered your score.

[Tuscani]

Right... I missed the closed part. Call and reopen those ASAP!

[Anonymous]

yeah just tell them that you would like to reinstate those accounts because you have had wonderful experience with them and all that. You know, something like that.

[Anonymous]

The underwriter might have been referring to Rapid Rescoring.  This is available only to mortgage brokers, underwriters, etc.  You pay them a fee (the last I heard it was $35/tradeline) and your reports (and hence your scores) are updated right away. 

Can anyone confirm whether this is still available?

[Tuscani]

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masdeocho wrote:

The underwriter might have been referring to Rapid Rescoring.  This is available only to mortgage brokers, underwriters, etc.  You pay them a fee (the last I heard it was $35/tradeline) and your reports (and hence your scores) are updated right away. 

Can anyone confirm whether this is still available?

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I think rapid rescore just means the broker pulls your credit again before closing.. nothing to so with reporting. I could be wrong though.

[Anonymous]

Your best bet is to talk to a First time Buyer Lender that does city, county and state bond programs.

I got my last client a 5.75 % fixed rate for 30 years with a fico scorce of 580. [e-mail removed]

(Please do not release personal information on the forums. Thanks! - Raine)

Message Edited by Raine on 05-22-2007 01:32 AM

[Anonymous]

This is a case study in why NOT to be in a hurry to buy a home.