How to increase my score by 4 points

[Tryingtogetmydreamhouse]

Hi,

My closing is rapidly approaching (in 3 weeks) and I need my middle score to go from 636 to 640.

 How should I do it?

My credit utilization is 1% (so can't do anything).

 Also, my LO has ordered a rapid rescore to update a $5000+ balance on a derogatory closed account from 6 years ago. Do you guys think I can possibly get those 4 points with that update (what if it's successfully removed from my account)?

 Any suggestion would help!! I am 4 points and 3 weeks away from possibly owning my first and dream home!

[JoeRockhead]

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@Tryingtogetmydreamhouse wrote:

Hi,

My closing is rapidly approaching (in 3 weeks) and I need my middle score to go from 636 to 640.

 How should I do it?

My credit utilization is 1% (so can't do anything).

 Also, my LO has ordered a rapid rescore to update a $5000+ balance on a derogatory closed account from 6 years ago. Do you guys think I can possibly get those 4 points with that update (what if it's successfully removed from my account)?

 Any suggestion would help!! I am 4 points and 3 weeks away from possibly owning my first and dream home!

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If you are saying you paid down the 5k balance to 0, then I would say there's a good chance you'll get the bump you're looking for. If that account were to be removed from yoru CRs altogether you would most likely see a significant bump in your scores, but generally the only way to get an account removed from your CRs earlier than 7 years is if you can get an early exclusion from a CRA (TU does these 6 months early, they're the earliest of the 3 major CRAs). Or, (the best option) the lender removes the account as a gesture of good will for paying it off. Best of luck!

[Tryingtogetmydreamhouse]

Thank you for the response! That gives me hope.

Another question, the lender's name is on the derogatory item, I paid the lender, got the lender to give me a letter paid in full and the lender noted in the letter that the account number on my credit report is not the account they recognize. My LO used that letter for rapid rescore, will it be possible to remove the item from my CR on the basis of the inaccuracy!

[JoeRockhead]

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@Tryingtogetmydreamhouse wrote:

Thank you for the response! That gives me hope.

Another question, the lender's name is on the derogatory item, I paid the lender, got the lender to give me a letter paid in full and the lender noted in the letter that the account number on my credit report is not the account they recognize. My LO used that letter for rapid rescore, will it be possible to remove the item from my CR on the basis of the inaccuracy!

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Its possible, but highly unlikely as what would happen if you dispute it, is 1. it may take longer to dipute than you have time, and 2. the lender could simply verify that the debt was theirs/yours and it would still stick. Your best option for removal at this point in time would be to get the lender to delete it. You could contact them and very humbly present the point of something along the lines of, hey this account is old, and going to come off soon anyway, is there any way you could possibly remove it since you've been paid in full? You may get someone sympathetic and agreeable to your situation, adn request, and you may not. It certainly won't hurt you to try. 

[Mortgage-Specialist]

If your lender is utilizing a credit simulator then you have nothing to worry about. The one we use through Credit Plus/Xactus is extremely accurate.  

I'd only worry is your LO is guessing instead of using verifiable technology

[Tryingtogetmydreamhouse]

Thank you for the response! My LO never gave me an estimate. He is using Xactus and sent in a rapid rescore request using the creditor letter that states "the balance is paid in full but the account number on credit report is not verifiable but the debt and payment history matches their record". The creditor name is the same as on my credit report and the letter is on the letter head of the creditor with a signature.

If the request was sent on Friday, when should I expect a result and what should the result be? Removal of the account or just the balance being updated or neither because creditor couldn't confirm the account number?

[Mortgage-Specialist]

My guess is that it would come back by Wednesday but Friday at the latest

I've noticed that the account numbers aren't exactly the same but there's usually something similar between the numbers. It's possible Xactus can make the call to confirm

[Tryingtogetmydreamhouse]

Thank you! There is nothing similar. The creditor stated on the letter that they can't verify the account number. But the letterhead showing the same creditor as on my report. The debt is the same. The creditor verified the history of payment.

[MrsCHX]

Any update?

I didn't get a chance to do a rapid rescore because the bureaus were EXTREMELY picky about things, so I'm wondering if the account not matching impacted you. 

My original debt was with GM Financial. The letter from the debt collector referenced the GM Financial account and said they were collecting on behalf of GMF. That wasn't good enough. 

I waited and waited for GMF to do their internal updates and send a letter on their letterhead. They sent a letter saying the account was "settled in full" and that didn't work for the bureaus either because it didn't say there was a "zero balance". Sigh. 

Still got my loan, but I had to go FHA. 

[Tryingtogetmydreamhouse]

Hey, I haven’t heard anything back from the lender yet. So, I am not sure if they will score or not. It’s still on my credit report just it’s not been taken out of the balance adjusted yet.