Rapid rescore or wait?

Anonymous · ‎11-19-2020

In the last week I have got letters from the following collections that state they have agreed to PFD:

Phoenix

ARS

Merchant & Professionals

IC Systems

Also, Ally has agreed to remove any negatives from an auto repo/CO in 2016 that is updating each month as a CO.

I am needing to get going on this mortgage ASAP for a number of reasons. I am doing a cash out refi on our primary home with 250k of equity in it.

My question is: should I use the PFD letters that I recieve from collections to rapid rescore or do I wait for them to come off? My concern is that the bureaus or collection agencies won't like the agreement being exposed and punish me for that by reporting different things than the agreement.

Anonymous · ‎11-20-2020

@Anonymous wrote:
In the last week I have got letters from the following collections that state they have agreed to PFD:

Phoenix
ARS
Merchant & Professionals
IC Systems

Also, Ally has agreed to remove any negatives from an auto repo/CO in 2016 that is updating each month as a CO.

I am needing to get going on this mortgage ASAP for a number of reasons. I am doing a cash out refi on our primary home with 250k of equity in it.

My question is: should I use the PFD letters that I recieve from collections to rapid rescore or do I wait for them to come off? My concern is that the bureaus or collection agencies won't like the agreement being exposed and punish me for that by reporting different things than the agreement.

Only a lender can do a rapid rescore! And they will need the documents showing zero balance and removal from the company not just a letter saying they will PFD.

Anonymous · ‎11-20-2020

Yes, we have all of that. The question was about the pluses/minuses and potential risks of doing that.

Anonymous · ‎11-21-2020

@Anonymous wrote:
Yes, we have all of that. The question was about the pluses/minuses and potential risks of doing that.

My lendir did it and it helped me tremendously! Prior we couldn't get an approve from the DU but as soon as the rapid was complete and she ran it again...instant Approve/Eligible. So yes, in my case it was what was needed. Your lender should know of they need to do that or not.