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Tricks on getting quick credit score update mid cycle after cc balance pay down?

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Tricks on getting quick credit score update mid cycle after cc balance pay down?

Hello, 

I have been reading these posts and seeing the tricks.  I want to apply for a mortgage so I have been monitoring my credit through Experian. 

My credit was 735 FICO 8. My FICO Mortgage was lower.  Since then, I have paid off 3 credit cards (have one more I will pay to 5% by statement) and the 4 statements will update in about 2-3 weeks.  As to the hightest balance (I paid off $17,000 of a $20,000) limit with Citicard and I think this will have a huge affect.  7 days ago I submitted it for a rapid rescore with zero balance but nothing has happened.  On the Bank of America card I paid off, I also followed advice and changed my address in hopes it would trigger an update of a zero balance, but nothing happened in 7 days.  I called Citibank today and asked if they can report the zero balance to the 3 credit agencies. Their response is they can not and it will be updated 2 days after the statement date.  I was using all of these tricks I read on here to try and get my credit score up before the cycle ended, but nothing has worked.  Other than waiting for the regularly scheduled update, any other tips I have not tried.  I have 1 Citibank card (owed $17K limit of $20K) and 2 Bank of America cards (owed $4k limit $7k and owned 3K limit $5K) that now have zero balance.  I have been using the cards for a house flip and now I need a quick new mortage.  

 

I also have 2 30 day late car payments. One is in June 2018 and one is December 2016.  This is my wife's car and she screwed up.  As to the June 2018 they received a payment on the 32nd day.  As to the December 2016 one they had my mailing address incorrect. I have proof of this and have submitted it to the 3 reporting agencies and GM Financial but they have not changed it.  I only have 8 payments paid down on a lease, but from what I can tell it would not help me much to pay the remainder payments, instead it may hurt.  

 

Need tips.

Thanks.

Message 1 of 16
15 REPLIES 15
Senior Contributor

Re: I need a HIGH FICO asap.

Wish you can here sooner. The experts will chime in. Though is that FICO score after the 2 month late pay reported?





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 16

Re: I need a HIGH FICO asap.

Yes, that is my current Fico 8 as of today per Experian and FICO.  I monitor it daily now through an Experian subscription and about a week ago I purchased my score and all 3 reports through My Fico.com.  It is taking into account my 30 day late 3 months ago in June 2018 and also the one in Dec. 2016.  

Message 3 of 16
Senior Contributor

Re: I need a HIGH FICO asap.

How much of a hit did the August 30 day late nail you?





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 4 of 16

Re: I need a HIGH FICO asap.

My Experian Fico Score 2 is currently showing as a 673.  

Message 5 of 16

Re: I need a HIGH FICO asap.

It was in June 2018 and I was not monitoring it then so I have no idea.  

Message 6 of 16
Moderator Emeritus

Re: I need a HIGH FICO asap.

Part of that EX score is undoubtedly utilization related (like my own score actually) but with an April 30D on EQ (and EX) and a 60D on my TU from the same period, just before this month I shifted on all mortgage scores and if you can wait two months you might see similar. Once the utilization is paid down good chance I land 740 but even now 720 tier is good enough for any mortgage underwriting so it can be done.

The lates may be an issue with UW but maybe not as they are on an auto tradeline.



        
Message 7 of 16

Re: I need a HIGH FICO asap.

Thank Revelate!  I was hoping to up my score quicky through a rapid rescore, calling for a non cycle update, and changing mailing address as I had seen on this board.  Just wondering if there were any other tricks out there.  I was hoping to jump up into a better interest rate.  

 

Thanks for your input. 

Message 8 of 16
Moderator Emeritus

Re: I need a HIGH FICO asap.

The rapid rescore is what actually triggers the out of cycle updates lender to lender.

Harder to get that done as a consumer for most lenders.



        
Message 9 of 16
Senior Contributor

Re: Tricks on getting quick credit score update mid cycle after cc balance pay down?

Couple of things:

Dont trust anyone to do a rapid rescore without doing a background check. Lenders or Mortgage brokers can coordinate a rescore.

I would not have changed your address on one of your cards, because that can cause a verification issue down the line.

You should have just waited it all out. If there was a need to rescore because of a mortgage loan application issue, then the broker could have made those arrangements.

 

 

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Message 10 of 16
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