Last Minute Rescore

I was supposed to close on Friday on new home but broker tells me that HSBC have recorded negative info about me for a problem that happened several months ago, this dinged my score by 100, I need to get it back up quickly, I can pay HSBC the full balance but will it do any good? How do I get my score back up quick?

Keith

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Hello Keith,

I don’t have a lot to go on here, so I’ll answer this way.

Since this is a derogatory event that happened several months ago (not years ago) and it is with an original creditor, then I’ll answer: yes, paying the full balance should improve your credit score. 

Bear in mind, if you lost 100 points as a result of this, then you will only regain a percentage of those points back with the update. 

Ask HSBC for a letter stating the balance has been paid in full and then give that letter to your mortgage broker to rapid rescore.

Thanks for the questions and hope this helps.

Paul

P.S. If this is a credit card account, then look into the possibility of re-aging.