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Help. I need to get credit scores up quickly and need someone who can do a rapid rescore for me.

My mortgage broker just did a rapid rescore for both my husband and I. We had almost one year of late mortgage pays that were inaccurate. We thought the rapid rescoring would get our scores up but they only went up by 20 points. My husbands midscore is around 630 and mine is around 560. We have a closing date of July 21st. I asked my broker to run a what if wizard. we have some high utilization on cards, some with high limits, some with low. I have some collections. My broker plugged $5000 into the wizard and said he still couldnt get our scores up, although he did get my husbands mid score to 658. I was told that only one of us, my husband or me, had to get a 640. My broker now tells me that we both need 640 due to our income and we own another home. The home we are trying to buy will be our primary residence. So, is this true? Both my husband and I have to have a 640? If so, is there anyone willing to run a different what if wizard on us to see if we can get higher scores? My broker was unable to tell me if the wizard was removing my collections, paying down debt to 30% or 10% and same with my husband. It was just a vague "im sorry, I cant help you." We really want this house and have put $2000 on it for earnest. Is there anyone out there who can help us get our scores up or a lender who thinks they can get us financing quickly?
  • June 11 2012 - Federal Way
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Answers (2)

Actually collections can "magically go away" if you can get your hands on a "deletion letter" from the collection company.  They are tough to get, but it does happen.

The best course of action if you can't get the deletion letters, you need to get the collection paid, and then dispute the account in writing (takes 30 days).  With the collection paid, the company loses interest in answering the disputes, as they now move on to the next file.
  • June 14 2012
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Profile picture for wetdawgs
It seems like it would be possible for your husband to get his score up to 640 in time, but if you are depending on both your incomes then getting from 560 to 640 in a few days (so the lender will move forward) is next to impossible.   I hope your purchase offer included a financing contingency so you can withdraw the offer and say that you couldn't get financing.

Now is time to put together a strategy to deal with your credit issues so that in six months to a couple of years you can purchase a house of your dreams.

"I have some collections" is a worrisome phrase.   Collections don't magically go away with a rapid rescore, but are part of your credit history.   High usage of credit cards is something that is more manageable if you can afford to pay them off immediately.  Pay off the bill in entirety each month and don't go above 25% of the credit limit on each card.  

Here's a link to Zillow's blog on how to improve your credit score.  The forums on myfico.com have some bright people who have identified ways to make substantial progress on credit scores (although slower than your one or two week timeframe).



  • June 11 2012
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