Rapid rescoring?

[Anonymous]

Okay, so this is it. My score just went up 28 pts...yay right? Sort of. I'm still a few points away from what my lender considers good credit. My credit is just fair according to what the lady from Sallie Mae said over the phone. They approved me for a student loan pre approval pending Co Signer. I don't have a cosigner. My parents credit isn't great, and I don't have grandparents as they are deceased. So I really don't know what to do! I need to be approved just with me. It's always pre approved but that basically means approved pending receipt of proof of school enrollment, etc. I heard about rapid rescoring. Just looked at my credit report and noticed that stuff I requested was taken off. However, also my good items aren't on there for some reason. My cc payments (it's a low cc amount of only $500 but I have it down to $65 dollars) and my firestone account was 800 down to 250, they aren't on there. Surely this would raise my credit score over the limit as they were on time, but they were on there Aug 8th (when I pulled my credit first) and they're off now (what gives?) Any suggestions on what to do, or can I even do rapid rescoring? If not, what are my other options? Thanks so much, [Edited]

Edited to remove personal information. Please be careful in what you share here on the forums. - sidewinder

Message Edited by sidewinder on 08-22-2008 07:22 PM

[Anonymous]

As for rapid rescoring.....I am not extremely familiar with that, I know it used in the mortgage business and I don't know if it can be used with other types of loans or not.

As for the student loan, I would assume that this is for a private student loan? Have you tried going for government student loans?

Are you saying the whole accounts for your CCs are removed?

What types of things were removed that you requested?

If the negative items were removed on the report the lender pulled, then rapid rescoring wouldn't be useful because the score is based on those negative items not being there.

 

[Anonymous]

Hi, Just wondering if you happen to know what Sallie Mae considers good credit? What was your score when you applied? I recently applied and got turned down with a EQ 667, my lowest score.

[Anonymous]

I had a pfd on an account I really wasn't sure was mine anyways. It was from Bolder Credit. I did that and it was removed. Also Sallie Mae removed some incorrect stuff (late payments) off my account. However, I have three revolving accounts Pepboys, Firestone, and a credit card that I have been paying on time and did not show up on my report this time (oddly). Earlier this month, they did, and they showed they were paid on time. I suspect this lowers my score, but I don't know, because it seems like I don't have any revolving accounts (new established, although for about a year)

[Anonymous]

I really thought it was about 660 that they considered good. They do look at other factors though, were you approved conditionally pending cosigner?

[Anonymous]

Yes, they required a cosigner. I think they want a higher score than 660 now, because for the past 2 years I've been able to get a Tuition Answer loan with no problems and a credit score in the 660's. But this year, idk. Guess I'm not good enough anymore! Come to think of it, I remember talking to a SM rep and she thought applicants needed 700+. Hmm...

[Anonymous]

wow I'm thinking of going to greennote.com and hoping that someone out of my network donates for a student loan. I really don't know what else I can do, if they're really requiring 700, it seems that I'm in TROUBLE! I'm def not there yet.

[Tuscani]

Rapid rescoring works by providing info to the bureaus outside their normal reporting schedule of 30-45 days.

The info provided, on letterhead from the creditor, specifying what action is to be taken (most common are: remove lates, update balance, delete tradeline) is faxed to the bureau (TU, EXP and/or EQ) which then investigates to make sure claim is valid. Tradeline is upated & credit report is rescored. Takes 3-5 days. The costs involved vary... I believe your broker has to initiate the process unless you can get in touch with special handling depts at the CRA.

And remember... There is no guarantee that your score will go up with a rescore.