Rapid rescore questions..help..ASAP

[Anonymous]

I recently applied for a mortgage right before Christmas.  My mid score was 639 and husbands was 646.  I needed one point which occurred within three days after they pulled credit.  I had equifax score watch so it was the same score she was pulling.  I asked if she could go ahead and repull at that point and she said she had to wait thirty days.  I got an email today that they had ran some program that said if I paid down x amount on three cards I would get a 20-30 point boost.  And she said for me to do this I had to pay $182.  I'm very confused and need help on what I need to do.  

[newstart2010]

Sounds like paying for a rapid rescore, and she wants you to pay down a few things before doing so.  am i correct?  

[Anonymous]

Yes she wants me to pay down more on credit utilization which I have been doing but increase the amounts some.  I just don't understand why a rapid rescore if some have already updated...why not just repull the reports?  And why do I have to pay for the rescore?  I have read where others haven't had to.

[Anonymous]

Btw...my current fico 04 score is 643...above the mid score she was looking for.

[newstart2010]

It sounds like you both need to make sure you are on the same page.  She wants your utilization low, and if you need to pay down a few more things you will need to rescore so that the reports show the proper data and current balances toget the correct fico score.

[korunner]

It's illegal to charge the borrower for a rapid rescore.

[Anonymous]

That's what do have been readin so I'm trying to fin some basis for this before I move forward with this.  Very frustrated at this time.

[DallasLoanGuy]

---

@korunner wrote:

It's illegal to charge the borrower for a rapid rescore.

---

many still charge it......  cheapskate lenders

[DallasLoanGuy]

---

@Anonymous wrote:

Yes she wants me to pay down more on credit utilization which I have been doing but increase the amounts some.  I just don't understand why a rapid rescore if some have already updated...why not just repull the reports?  And why do I have to pay for the rescore?  I have read where others haven't had to.

---

loan officer either doesnt understand or they have some weird policy

this should not be a problem at any lender

[AndySoCal]

It sounds like the loan officer has used a FICO simulator called Credit Xpert.  The best and most accurate similator on the market. (for  lenders only)   I would follow the advice.