Rapid Rescore

[Bayuze]

I know this is a FICO forum but this is related to my mortgage loan

I applied with a lender for a pre-approval and was approved for an FHA loan given my credit. I have been working on rebuilding my credit with some success and have bumped my credit score up to a level to qualify for a conventional loan and have stronger offers 

I spoke to my lender and she "confirmed" my potential score increase through their modeling scenario software but to be actually confirmed, they need to submit my profile for a RAPID RESCORE. I was told it would take about 10 business days their credit vendor needs to submit to the bureaus and then back and forth before confirmation). I was told it was submitted on or around Mar 31/April 1. I know I havent hit the 10 business day mark but just vernting a little at the misnomer of the process. 

Tha rapid rescore is not so rapid afterall. WHy does it really take so long? I can confirm the score from Experian's site myself so its a bit frustrating that it's not quicker. Especially given I may have lost out on a couple of good houses over the last week or so and also have an opportunity for another house this week.

Sigh

[tooleman694]

Strange they rapid rescored you. If your profile is already updated, they could just re-pull you.

[Bayuze]

I did them tell them this and they couldnt give me a satisfactory answer

[vertekal]

I'm not sure what they're doing either. Usually a rapid rescore is when you do something that will affect your credit score, like paying off credit cards or a collection accounts, and you can't wait for those things to report to the 3 credit bureaus. You submit documentation to prove what you did, and your scores get updated accordingly.  From what I read recently, the process usually takes 2-3 days. 

I'm kinda in the same boat .. looking for a home, making offers etc. I'm fully approved thru Rocket for an FHA loan, but can get a better one through my credit union (first time homebuyer, 3% down, no PMI, lower closing costs, etc). However, my scores aren't where they need to be. Last week, I paid off all my credit cards except one, which MIGHT bring my score up enough. I just have to wait another week or so for them to report. I asked my credit union about a rapid rescore, and they said they don't do that.