Posted on: 18th Oct, 2011 12:42 am
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?
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.
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.
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.
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.
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.
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.
