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Rapid Rescore

I'm trying to get a FHA loan. I was shocked to find out my credit score was in mid 500's. We own a home. We purchased it in 2/2008. It was then bought by Nationstar in October 2009. In Dec of 2009, we started on a loan modification. We went into the modification as current. We have never been late, even with the previous servicer. Nationstar was reporting us as late from Nov 09 to Aug 2010. Afrer a lot of calls, I got them to change all the lates to current. Some of them were even reflected as 120 days late. They sent me an email that stated they corrected the inaccuracies and the life of the loan is now reported as current, not one late. My mortgage broker wants to do a rapid rescore. How many points do you think this correction with the lates from Nationstar will make from a rescore? We need to hit 640 to qualify. Husband's is 610. He has one charge off and his cs payment history is good. He has some hugh usage though. I have some collections that are old but otherwise lower use of credit with decent payment history. We think our score dropped significantly from Nationstar.
  • May 28 2012 - Federal Way
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Answers (5)

Best Answer

Since it was reported as 30, 60, 90, 120 days late you may see a bounce of 100 points or more even though it's 2 years old. If you have a good payment history on the other accounts, since then, that will help. The good news is they corrected it and it's 1 trade line so it will only cost around $90-$105 to find out. Ask your lender if they also use the "What if " software, it enables your lender to alter the report and give potential scores as if the lates had never been reported. That costs about $15.
Once the rapid rescore is done come back and post your new scores.    
  • May 29 2012
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There's a free "what if" simulator on Credit  Karma.
  • July 26 2012
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Clay, I found out today that a lender/reseller can not charge a consumer for rescores. It's a violation of section 611 FCRA to charge consumer, so I saved $240 they wanted to charge me. Will report scores in a few days.
  • June 05 2012
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Thank you both so much. and yes, the broker has a "what if" simulator. We had the home inspected today, so if our scores don't go up, we stand to lose our earnest money and the home inspection fee. We would rather lose that money than not try. I just wasn't sure how much of an impact the lates on our mortgage had since it was end of 09 to Aug '10. I will repost our scores. We should know in a few days. This whole situation has mad me watch my credit report like a hawk now.
  • May 29 2012
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I think Clay's estimates are accurate, maybe even a bit conservative. Your scores should bounce back nicely.

Good luck! Jim
  • May 29 2012
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