Rapid Rescoring

[BSBRose21]

When doing a "pre" applying interview with my mortgage broker, my normally 640-650 credit score was not down to a 578. There are only two items that are currently hurting my score including a $300 credit card limit with a balance of $294 and a 30 day late that occurred in April of this year. Since my Capital One has such a high utilization I told him that I would pay the balance down to under 30% which hopefully would bring me up to the min of 580 or hopefully more. On Friday I did pay Capital One $200, but it will not credit to the account till Monday since it was after the cut off time for the day. Capital One had told me about rapid re scoring that is available with some lenders to update my score more quickly before they even report to the credit bureaus. I emailed my mortgage broker about this and I got a message from Score Watch that Rapid rescoring was requested yesterday. My questions are first, how much do you think this payment will add to my credit score and also, how long does the rapid re scoring take since the payment to Capital one will not technically be credited to the account till Monday?

[Anonymous]

You may have been premature in requesting Rapid Rescore.  All that does is make the creditor update the account's current status (including balance) immediately, rather than making you have to wait until their next regularly scheduled update.

If your payment has not posted when they receive the Rapid Rescore request, your current balance will not reflect the payment, and you won't see any change.