If you majorly decrease util, then you should gain a few points.
Not all lenders will do rapid rescore and there is a fee for the service.
When is the lender going to pull a new report? Is it possible that these accounts will be updated on your CR by then?
pcjackson wrote:
We are obtaining a mortgage for a new property. When we were initially approved our score was a 681 and since has dropped to the following scores:
TU 628
EQ 669
EX 600
Today we paid off four credit cards,
GEMBPPPLUS $8,49.00
AMERICAN EXPRESS $3,921.00
SEARS $4,792.00
BANK OF AMERICA $4,078.00
TOTAL $13,640.00
Do you think by providing the appropriate documentation to the broker and consequently rapid re-scoring we will be successful in raising our score 10 - 20 points? We no longer have any credit card debt. All paid off with above transactions. Using the score simulator, it indicates our new score (Experian) should fall between 689 - 730 (in one month).
Message Edited by pcjackson on 09-09-2008 03:16 PM
