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Rapid rescore

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Sanimore Guest	Posted: Tue Oct 18, 2011 12:42 am    Post subject: Rapid rescore Like 0 Dislike 0 We applied for a mortgage loan and the credit report showed that we the consumer has an on going dispute with the company that has our car loan, when I called the car lender they said there is no dispute on our account therefore sent us a letter to give to home loan lender. The mortgage broker said they would do a rapid rescore for the dispute. I want to know whether or not our score would increase, decrease or stay the same? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Tue Oct 18, 2011 1:07 am    Post subject: Like 0 Dislike 0 Hi Sanimore, As far as I know rapid rescore won't affect your chances of getting a mortgage. It won't decrease your score. It will remain the same. If you meet all other necessary criteria of the lender, you will be able to qualify for the mortgage. Take care. _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Tue Oct 18, 2011 9:27 am    Post subject: Dispute Like 0 Dislike 0 Accounts in dispute are not included in the calculation of the credit score. If there were any late payments, after the dispute is removed, the late payments would now be counted and the score would drop. If there were no late payments, the score could go up or down a little or stay the same. We have no idea how many other instalment loans are on your credit report and do not know the total of mortgage and revloving and accounts and can not calculate exactly what will happen. All we know is that if there were late payments, they will now be counted. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
banker0679 Community Expert Joined: 15 Nov 2007 Posts: 452 Location: Charlotte, North Carolina 19.27 Dollars($)	Posted: Fri Oct 28, 2011 6:27 am    Post subject: Like 0 Dislike 0 Rapid rescore will speed up the process to lower or make your score higher The purpose of this is to verify a credit listing within a 72hr period instead of the normal 30day period. There's no way of knowing whether your score will drop or go higher. I have seen people remove negative items off their history...and their score dropped. Reason was that the negative item was the oldest item on the credit report. _________________ there's always hope! "My credit score shot up 68 points!"

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