RAPID RESCORE

[JESSICATAYLOR2425]

Hello, I paid to have a Rapid Rescore done on 8/15/13. It takes 10 business days and today is the 10th business day. My credit card balance has not updated yet. Does anyone know when it will happen? Waiting to send my contract to lender and builder and builder the deposit. Thank you!

[Catacam]

Unfortunately, RR's aren't necessarily quick. When I closed, we did a RR that took 17 days. Also, you should not have paid for you RR. It is actually illegal for your loan officer to charge you for it. You may want to look at a new LO.

Good Luck!

[JESSICATAYLOR2425]

Thank you! Ahhh... I literally have the contract and check in hand to send counting down the 10th day :/.. In April I went through a Rapid Rescoring company who I paid for an unlimited rescore. They removed old closed paid accounts and rescored my cards. Well during the design of the home my credit card (my mistake) went over 50% of the use. Not realizing before closing they would re run my credit so I need it back up the 10 or so points going over my 50% brought me down... so when I asked him to rescore my card again on 8/15 he said today would be the 10th day. he has been amaizng and its really helped I was just banking on today being the day :/ Thank you so much.

[Catacam]

Wow, that must be a new program. I thought that only LOs could order RRs. Maybe some of the experts can chime in as I am just going off my personal experience. Hopefully it comes through quickly!!

[JESSICATAYLOR2425]

You were helpful, Thank you so much!

[tooleman694]

Rapid Rescores can take up to 30 days..

[JESSICATAYLOR2425]

A huge bummer. He said 10 days.. Thank you.

[DallasLoanGuy]

we have always done them in 3 - 5 days.... 

more like 5+ the last couple of times i did it though.

[ShanetheMortgageMan]

There are some limitations on a rapid rescore, depending on the creditor.  Here is a little cheat sheet one of our credit vendors has provided:

Account name	Balance updates/paid in full?	Other updates:
Wells Fargo - all divisions	Yes - automated system only and if TUC can access it	No/TUC
HSBC - all divisions	Yes - automated system only and if TUC can access it	No/TUC
World Finance	Yes - automated system only and if TUC can access it	No/TUC
Barclays	No - TUC only	No/TUC
Chase	Yes - XPN only	No/XPN
GMAC - some divisions	Yes - automated system only and if TUC can access it	No/TUC
America First Credit Un	Yes - automated system only and if TUC can access it	No/TUC
Los Angeles County	No - TUC only (public records)	No/TUC
Wachovia accounts/WF	Yes - automated system only and if TUC can access it	No/TUC
Verizon	No - TUC only	No/TUC
Bank of America Credit Cards	Yes – EFX No Doc Updated Only	No/EFX

[JESSICATAYLOR2425]

Hey Shane, Thank you for the great information!