So, my lender pulled my credit scores and according to CK my scores were 641 so I thought well it might be close but I should not have a problem with my scores. Unfortunately, according to the official scoring models used by my lender that was not the case. The lender stated my median FICO score was 602.. I recently was charged a 90 day late with FedLoans (another story/another day) and I had no idea.
I had never heard of Rapid Rescore but she said it could raise my FICO score enough to get approved for the loan. I was very skeptical after reading all the forums. So, I have a CC with a balance of 7,500 (9300 limit) and another credit card with 1100.00 (3000 limit) on their balances. I paid down the Visa to 30% of the credit line, paid off the 1100.00 for the exception of 100.00. I left a small balance on that card to show utilization.
My husband has some cards strictly in his name and I have some cards strictly in my name. Considering all of the cards were in good credit standing, I called all the card companies (4) and asked if I was an authorized user. I am a user on all the cards. According to the credit card company, being that my husband has a good credit history with the CC, that would also be reported on my scores because I am an authorized user. So, I charged 100.00 on one card, left a 100.00 balance on another, charged 25.00 on Home depot card and did NOT close any cards out. I made sure all of these charges were well below the 30% line of credit.
We have no charge offs or collections so that is not an issue, it was just the credit cards. I also asked the credit cards to send over a new balance to the credit bureaus because we were planning on doing a rapid re-score. Last week, I patiently waited and sure enough, my scores went from 602median to a median 656. I was pleasantly surprised.
I called my lender and he pulled my scores from his system, the FICO model 2,4 and 5 were EXACTLY the same numbers that my lender pulled. So, this is my story......it does work if you do it properly.
2/8/2017 EF 597, TU 609 EX 602
2/20/2017 EF 696 TU 680 EX 656
