How long does a rapid rescore take?

[Anonymous]

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.

[gpeach]

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

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.

[DallasLoanGuy]

3 - 5 days.

but they sometimes come in quicker

[Anonymous]

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.

[Anonymous]

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. 

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@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.

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[Anonymous]

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

[Anonymous]

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@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.

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