I just wanted to share an experience regarding "rapid-rescoring." For those that don't know, rapid-rescoring is a means to "rescore" one's credit scores. From my understanding, not everyone has access to this; I believe mortgage brokers and the like subscribe to something that allows them to do this . . . for a fee of course. The turnaround time for this is said to be about 48 hours. Anyway, I recently had two people attempt this for me. The first submitted my disputes (along with another client's) for rapid re-scoring, and after about two weeks, Equifax had yet to respond. When another mortage broker attempted this for me (in hopes to get a better rate), I informed her that I had just tried it and it wasn't so rapid. She tried anyway, and after a week, had yet to hear back. Both brokers told me that in the past they had success with it, but for some reason Equifax is becoming a bottleneck in the process. Just an fyi . . .
LizardKing - Was the finanace person at the dealer able to see the disputed items - or do they just go by score only if it is over a certain amount?
Re: Car loan )% Lizardking, so if I dispute with equifax (which i'm doing right now) and they don't report my negative entries to fico for the time being investigated, my fico says 700+ (yeah I don't believe it either). So, can I can apply for a car loan with that score and get a good deal? or will they just look at my credit report and be like, yeah your fico is high, but only because these items are not being reported (equifax keeps verifying these items)? Pretty much it is a follow up on the previous question. I figure the window of opporunity is short and I don't want anther inquiry if it doesn't work. Did it work for you (your car loan) because you had a high 600 score to begin with ? (mine is a 540 when negatives are being reported, so I know I can't get anything with that and am better off waiting till this credit journey is over to apply.)
Re: Car loan )% I'm not too sure about putting items in dispute w/ 540 scores to achieve 700+. I was there scorewise not too long ago and it was because I had lates that were recent (less than 1-2yrs). I don't know exactly what auto dealerships (or any other lender for that matter) actually "sees" regarding the disputed tradelines in question. I just did what Lizardking did getting a new car. My scores were about ~650ish and I disputed about 4 tradelines on EQ that had lates from over 2 years ago...it boosted my scores over 680 and that's all Toyota needed to get the 3.9% financing. Nobody asked about my credit report (they pulled EQ only) and I of course didn't ask any questions either. Just be careful. They may have seen the tradelines and figured they weren't "scary" enough to ask about or prompt denial, then again they may not have seen any of the lates at all...I'll never know. We had good income, solid, secure employment and that may have played in the mix too.
Re: Car loan )% I just went through this two weeks ago, by accident. I sent off my first round of disputes a month ago, and they show as being under investigation. I went to the dealership 2 weeks ago and they ran my EQ credit. My FICO was 100 points higher than normal. I was shocked. They showed my what they pulled and asked about the items in dispute. I said that they were not mine (2 collection accts and 2 student loans). They said okay. That was all there was to it. It is a great plan, but I didn't do it on purpose. I stumbled into it, but I can tell you that it works.
Re: Car loan see I'm not crazy, when I tell people my score was 700+ (by accident), I feel like they think I'm lying or can't read a fico right. I actually emailed myfico.com and asked for a refund (12.95) because they said I had a 720 fico and I knew it was 540 from another time I had pulled it less than a week before. they just sent me a blah blah blah email about all the factors that go into the score and how it can change depending on recent activity etc. Now I get my fico through Equifax Credit Watch and I did a before and after pull less than two weeks apart and yesterday I noticed the high score, which is why I asked. I know it won't last long (since equifax has it out for me and verifys everything it seems) so I thought of running to the car dealership (used, I want to be responsible) and trying to apply, but I really hate inquires. Thank you for valdiating my situation, but the fact that the info still comes up, will probably hurt me anyway, so who knows.
