Rapid rescore?

[Superk88]

So looking for a morgage...wifes credit is strong 700s..va loan eligible...she is a stay at home mom with no income.

I make 80...just paid off all collections and charge offs.

LO is wanting to do a rapid rescore? is this legit...could it actually help? I did a 13k loan to pay off all the negative

Current scores are in the low 500s

[Cowboys4Life]

If your mortgage scores are in the low 500s a re-score can only help.

[ShanetheMortgageMan]

Rapid rescore is legit.  It's where the your credit data, at the bureau level, is updated within about 3 days.  The process can take a little longer if you aren't able to get something in writing from the creditors or collection agencies you paid off.  After the rescore process is complete a new credit check is needed to see where the scores have updated to.  The new personal loan you took out can knock off some points, so keep that in mind.  If you have any other revolving debt, then I'd recommend implementing the AZEO Method before your credit is re-checked.

[Superk88]

The new loan is the only debt I have. 

13k debt 80k income

I am authorized user on my wifes CC with a 25k limit but we use it weekly for gas and whatever and paid every friday...only ever reports between 100 to 200 dollar ballance.

[ShanetheMortgageMan]

Not sure how many revolving accounts you have actively reporting outside of the authorized user account, but if the rapid rescore doesn't accomplish what is needed and you have limited revolving accounts (3 or less) then I'd recommend you get added as an authorized user to some additional revolving accounts that have $0 balance in order to further boost your scores.  Mortgage scores love revolving debt accounts with perfect payment histories and low/$0 balances.

[Superk88]

Yeah I have 0 other accounts..

So no small auto loans or anything like that. 

Maybe try and do a small credit card and not use it.

523 was my mid not sure what the rapid rescore will do.

[ShanetheMortgageMan]

If you don't have any other accounts then you should still see a score improvement but it's not going to be anywhere near as substantial as if you had accounts reporting activity each month.  You'll want at least 3 revolving accounts reporting activity each month, ideally 5 of them if you want to see any meaningful score improvement on a month to month basis.  I had a borrower whose scores were stuck in the 620-640 range for a year, only had 2 revolving accounts + a car loan, I suggested she add 3 more revolving accounts and within 4 months the scores were just under 680.  

[Superk88]

Right now I'm driving cash cars and trying to stay away from car loans unless we HAVE to.

Authorize user on my wifes

1 instalment loan.

See what the scores go to after settling and then maybe do another credit card.

[Superk88]

No rapid re score has been done yet and my score jumped 17 points just from 1 collection falling off