Score Watch and Rapid Rescore

[jna320]

Hi All,

I'm a newbie here :-)  I really appreciate the wealth of knowledge shared on all things credit!!! I've learned SO much.  I'm hoping that I could get a bit of education on a rapid rescore and score watch on myfico.

My husband and I are in the process of buying a new construction home. Our LO said that I needed about 10 points to qualify for FHA so he ran the credit expert simulator and gave me my homework assignment ( pay off a small collection and pay down few balances on cards, etc) so he could do a rescore.  The rescore was ordered last week Friday and he said that we'd have a response early this week.

My question:  Will the changes/updates as they are done during the rescoring process, trigger an alert on Score Watch? Or should I get another report?

I am curious and impatient :-)

[tooleman694]

Yes it will trigger a score watch alert.

However I sure hope you didnt pay off a collection, thats gonna be a score dropping alert I bet.

[jna320]

Yikes! I did, but the LO told me too... Uh oh! I did get a PFD, so hopefully they will honor their end of the bargain. Thanks for the quick response :-)

[SantanzChild]

PFD is different unless it significantly drops your AAoA you should get a nice bump when it is removed.

[tooleman694]

Yup a PFD should in almost all cases increase the score.

[jna320]

Cool! I guess ill wait to see what score watch does over the next few days. Thanks all!!