rapid rescoring service

Quote:

Originally Posted by Anonymous Is "rapid rescoring" a legitimate service. I'm looking at needing to raise my score by 10 points so we can buy a new house. Our credit scores are high due to maxed out cards. I have the money to pay them down, leaving only 25% of the limit as open. Of course I would love to see the results right away so we can go forward with the financing. I've seen many sites stating that rapid rescoring is an option...is this true, scam...too good to be true??? Thanks

Here goes:

I work at a bank. We use a credit agency who does this for us. Ask your mortgage company to check into this for you. Here is how I think you ought to handle this:

1. Ask them (your mortgage loan officer or processor) to call their credit company they use and inquire about this. Most credit reporting agencies can do this.
2. BE VERY STRATEGIC on this. Right now, they will use the middle score of all three bureaus...that being said. It costs to re-pull each bureau after they do it. SO..make sure that they re-do the middle and high at minimum. the low will always be the low.
3. This costs money BUT it is minimal. ( I think it was 30 dollars for each trade line for each bureau...so say you have) AND they can talk to the department that handles this who can most likely do a MOCK UP of what you want to do. They will say ok: If I pay down this VISA to a balance of $5400...what will that do to my score...They can do also do another test of their own to see if it will raise it or lower it.

There is another thing that they can also do to see WHAT you need to do to gain 10 or what have you points. It is pretty cool and I did it for a client and got him his mortgage.

I would NOT use an outside firm. Go right through the mortgage company OR you yourself contact the credit reporting agency and pay them to do this. We use Kroll Factual Data. I dont have any idea if they do direct with the public dealings but if the loan officer at your mortgage company cant help, it cant hurt to call some credit agencies and see if they offer to do this. I would not use a third party, only a credit report company ..heck maybe the bureaus offer this direct...I dunno?