A mortgage broker that I have only spoken to on the phone wants to do a rapid rescore for my husband and I.  We have not had the best of credit however we have paid of most of our bills.  The mortgage broker wants a copy of our bank statement and said that it has to have our complete account number and name on it.  I am concerned that this is not a good thing to do since we don’t know him.  What are your thoughts?  Also he said that it would be around $300.00 for the rapid rescore.  Do you think that this is the going rate for this service?

Thank You,
Linda (more…)

I am inside of a month of recieving discharge papers of BK13 filing from Feb 2004. I have also begun the process of selling my current home and shopping for a mortgage for a new one. After finding a mortgage company I felt comfortable with I had them pull a CR. Reoprt: “NO SCORES DUE TO INSUFFICIENT TRADELINES!” I had my current mortgage company deliver a VOM and the company I am working with for the new home requested a rapid rescore. My TU score came in @ 660 and my Beacon score @ 639. Equifax is dragging their feet. A decent preapproval is imminent. I am worried that after the discharge is complete in late April my past creditors may report info that could be detrimental to my scores and hence my % rates for an August closing. They may even cause a deal breaker after some of the horror stories I’ve heard and read. I have contacted my father and he is more than willing to allow me to become an “authorized user” on a credit account that I am currently a secondary user of. Actually I have been the sole user of the account since Nov 2005. Perfect pay history to date. (Too bad I didn’t ask for it sooner, huh?) My credit was pretty solid going into the BK13. 690-720. Cash got super tight so I just ended up living off of the credit. My querry. What are the chances of the creditors I bankrupted on coming back at me with negative reporting after discharge to screw up what I’m working toward? Also, as an “authorized user” the CC company said I would only reflect pay history from the time of my adding on. Sound right? You’ve told previous bloggers they’d get hit with the entire account history as they are added. Whadaya say?
 
Regards,
Adam (more…)

Concerning Rapid Re-scoring… ok, whats the deal?   I read that its an aspect of the FCRA, in that IF the bureau removes the tradeline and gets back to the consumer in 3 days or less, then they don’t have to report to the creditor that the account was disputed, thereby removing it permanently or until said creditor actually pulls your report to look for it if they ever do?  Essentially, it’s a back door entrance to the club with no line to wait in, so long as you pay the $50 cover charge and are holding either a real or fake ID.  Or am I missing something?

Jason (more…)

how do the rapid rescore people get the bureaus to move quickly – and why are they so privileged?  how can I get the credit bureau to work as fast as the rapid rescore people do?

Cilla (more…)

How do I do rapid rescoring? 

Ronetta (more…)

Stump the Experts?  You must forgive me for my liberal use of the word expert.  Still – no matter how you slice and dice it – Dale and I do have a combined fifty-five years of experience in the mortgage biz and that means we’ve looked at a bazillion credit reports.  So if you have any questions about mortgages or credit reports then fire away! 

By the way, it’s so much easier to answer a question from a visitor that clicks on “Stump The Experts” than it is to create a new blog article from scratch.  This year, I’ve developed a whole new appreciation for the authors of blogs out there.  I’m mumbling Broken Credit blog articles in my sleep.  Credit repair mortgage repair credit repairing – excuse me.  See what I mean?

So I dare ya.  I double dare ya!

Click on Stump The Experts….

Have you found an error on your credit report?  Perhaps there is some erroneous bad credit that was discovered AFTER applying for your mortgage loan.  Now your Loan Officer is telling you that this bad credit has lowered your credit score and wants you to pay a higher interest rate and come up with a bigger down payment.  You can’t wait the six weeks or so needed to dispute this bad credit with the CRA’s because you have a purchase contract to close in three weeks.  This leaves you with a tough decision: either walk away from the home of your dreams or purchase this property and pay more than you should each and every month. (more…)

I talked with a nice lady yesterday for about an hour.  She owns a beautiful three-story home with a water view valued at $900k.  She has a first mortgage of $555k and a second of $135k.  The payments are too high and she wants to refinance the first and second and closing costs into one new $700k loan with a low mortgage payment.  Two minutes after sitting down with me she says: “run my credit report”.  Now in my hand (or in my mind as the reader sees fit) is a time machine stopwatch; I turn to look at it and press the button – time stops, and the woman is frozen at my desk.  I sit down at this computer and realize the necessity of relaying to you, the future mortgage applicants of the world, the real and far reaching impact of this innocently uttered phrase “run my credit report”. (more…)

Dear Paul,
 
I am very glad to have communicated with you last week about an impossible deal for my client who had a middle credit score of 618 and needed at least a 620 to qualify to purchase a second home.
 
After discussing the credit report for a few minutes, you suggested me to have a collection account deleted prior to requesting a rapid re-scoring.  I am very excited to let you know that today his new credit report came back with a middle credit score of 658, so we went from no-deal to having options to choose from.
 
So once again thanks a bunch for taking the time to listen and to apply your knowledge to help us cope with our frequently challenging cases. Good Job!
 
Roberto

P.S.  Here is the letter from collection agency requesting DELETION of this medical collection!

Paul,

I want to thank you very much for the advice that you gave me 3 weeks ago.  I am a mortgage broker and had a client with a 658 mid score and she wanted 100% on a No Ratio program.  660 is the cut off for that loan type. (more…)