Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hi, how long did it take from the time your lender initiated your rapid rescore until the time he actually had your new score and it was updated at the credit bureau? Ours is still processing, it was a week on Friday. Is it normal to take this long? I'm afraid he may be doing an internal 'supplement' rescore within Wells Fargo and not fixing the problem with the credit agency at all. So, if I want to shop for other loans, all they will see is my unfixed credit score. Anyone have experience with rapid rescore? Rates keep going up and I'm getting a bit anxious, especially since I read it usually take 3-7 days.
Here's how it works in our office. We submit the documentation to support the rescore. Within 48 hours we receive a confirmation of receipt of the rescore request and if the documentation was acceptable or what was wrong with what we turned in. Sometimes (especially if TU and Bank of America is involved) a conference call is required. From that point, we are 4-5 days out. But don't forget, just because the Rapid Rescore came in, your lender still needs to run the DU, submit to underwriting, obtain UW conditions and get the C2C. I would guess you are about 1 week to 10 days out after receipt of the rescore.
Thanks for the feedback. It seems that even if you do a rescore, sometimes the changes are only seen by the bank who is requesting it. There are 3rd party companies who can permanently update your credit with the bureau. This is my understanding, at least.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.