Improve My Score Fast Please!

I have been in Escrow for the past six months. We were approved by a private lender and the BOA through the builder.  We have not been able to lock in a rate and we have not chosen our loan agent yet. We are waiting for a new home to be built.

I recently checked my credit score on creditreport.com and was shocked that my credit score was 587!  I contacted my realtor and she said I am may not be able to get a loan.  I am wondering if it is because of the credit inquiries and because I paid off a an old collection acct. a couple of months ago. 

I have been current will all my credit cards.  My lender mentioned rapid rescoring.  How many additional points will I be able to get with rapid rescoring?  Can I obtain enough so I would be able to qualify for the FHA loan? 

Any information would be super helpful.

Michelle

———-

Hi Michelle,

Paying the collection account may have hurt.  I’d contact the collection agency and advise that you will be filing a dispute with the CRA and ask that they do not respond to the CRA dispute.  If they don’t respond then the collection will be deleted from the report.

You should always pay for delete collections and never pay an old collection without a written pay for delete agreement in advance.

The rapid rescore wouldn’t help to remove the inquiries or the collection account.  A rapid rescore might help in other ways to improve the score.  For example, if there was a credit card balance that had been paid off or paid down and you could provide documentation to your mortgage loan officer of such, then he or she might be able to run rapid rescore to add a few points in a hurry.

Thanks for the questions and hope this helps.

Paul