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Hello,
So I just recently paid off my CC debts and the only installment loans that I have now are auto and student loans. Do I necessarliy have to wait one to two months for my score to update? I saw a news segment where you can pay some company to reevaluate/update your credit report and score immediately. My credit score dropped significantly because my CC balances were too high, but now that they are paid off I would like to get pre-approved for a loan and start looking at homes again. (I was pre-approved a year ago, but had to stop lookingbecause I just didn't have enough for my downpayment).
@Anonymous wrote:Hello,
So I just recently paid off my CC debts and the only installment loans that I have now are auto and student loans. Do I necessarliy have to wait one to two months for my score to update? I saw a news segment where you can pay some company to reevaluate/update your credit report and score immediately. My credit score dropped significantly because my CC balances were too high, but now that they are paid off I would like to get pre-approved for a loan and start looking at homes again. (I was pre-approved a year ago, but had to stop lookingbecause I just didn't have enough for my downpayment).
Creditors usually send updated balances once a month to the CRAs, this almost always happens when they produce your monthly statement. Usually within a few days the CRAs will reflect the updates. Also, sometimes creditors will send an out of cycle update to the CRAs if you call and request. YMMV on this, sometimes companies and their CSRs don't know how to do this, or it's not their policy.
Also you could ask your loan officer about a rapid rescore, but I think they would likely charge you for this.
Oh thank you so much! That's what it's called a "rapid rescore"! I couldn't remember the name. Also I'm not too familiar with all of the abbrevations so what does CSRs mean? I didn't see it on the common abbreviations list.
@Anonymous wrote:Oh thank you so much! That's what it's called a "rapid rescore"! I couldn't remember the name. Also I'm not too familiar with all of the abbrevations so what does CSRs mean? I didn't see it on the common abbreviations list.
CSR is a customer service rep.....the front line people that answer the phone when you call your creditors....I'll see if we can get it added to the list.
Is this the thread you looked at ? CSR is on the list....
http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458
Nope. The post I looked at was from 2008 edited in march of this year. But thank you for the definition.