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Does Rapid Rescore not exist anymore...?


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So I come back to this board every few years when Im about to start my mortgage journey, so maybe things have changed? Have app in with local credit union, this was unplanned purchase, paid off most cards  (left a small balance so that we werent at 0% utilization) over the last 2 -5 weeks. However, due to the expedited nature of this sale the credit report they are using does not have the cards paid off and my mid score is shy 7 points from prime rate. I asked the broker for a rapid rescore for those tradelines on Equifax, literally 2 lines and it made her mad? She sent a really snarky email about starting the process all over, etc. She also got upset that in one of the emails I used the term shopping rates. So now that I've set the scene, lol, my questions are:

1.) Does rapid rescore exist anymore? She acted like I was crazy for suggesting it.

2.) My midscore is ALWAYS EQ, can I call them and ask them to update the 2 trade lines to zero if I send them proof?

3.) Will this mess anything up?

4.) Are we not supposed to disclose if we are shopping rates? Ive always used them for previous mortgages, car loans etc. and honestly would Love to use them again but Im     getting icky vibes...

5.) Is it me? Am I being a poop customer? I mean the change in rate would means saving thousands of dollars...

 

Any help, advice, criticisms welcome...It's been a minute, so maybe the game has changed! 

 

Edited by Tnblue13
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From just the thread title I could see this coming:

 

12 hours ago, Tnblue13 said:

Have app in with local credit union

 

As for your questions:

 

12 hours ago, Tnblue13 said:

Does rapid rescore exist anymore? She acted like I was crazy for suggesting it.

 

RR is expensive (compared to an entire credit report).  The subscriber (in this case the kredit younyun) has to absorb the cost, and it can't be passed directly to you.  The fee is typically per trade line per bureau.

 

Either this institution doesn't have RR in their contract with their credit provider, or they are simply unwilling to pay the cost.  Either way, this is a flashing neon sign.

 

12 hours ago, Tnblue13 said:

My midscore is ALWAYS EQ, can I call them and ask them to update the 2 trade lines to zero if I send them proof?

 

A RR request has to be initiated by your mortgage originator.  If you attempt to update the TLs by contacting the bureaus, the requests will likely be treated as disputes, which is your only right as a consumer to update a TL

 

A dispute could have unintended consequences (losing the entire trade line, for example), and the results won't be instant anyway.  IMO you'd be better off spending a couple of days rate shopping (see below) and finding another place to get this mortgage.

 

12 hours ago, Tnblue13 said:

Are we not supposed to disclose if we are shopping rates? Ive always used them for previous mortgages, car loans etc. 

 

Of course you are supposed to rate shop.  Ruthlessly. 

 

And don't be afraid to cancel a loan application at any time before closing if you find a more compelling deal. 

 

You are the one stuck with the expense every month for as long as you have this loan product.  No one else is going to look out for you.

 

12 hours ago, Tnblue13 said:

getting icky vibes...

 

Move on.  They've already shown themselves to be inflexible and apathetic about whether you close or not.  This is a typical kredit younyun mortgage experience.

 

When you apply for a mortgage, you are hiring someone to do a job for you.  You deserve more than this.

 

 

Edited by cv91915
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Question has to be asked...is this a CU where you are actually a member or did you app with them simply because they were local?  If the former, then your other remedy is to remove your accounts to an institution where you are actually valued.  If the latter, well...now you know what has led to some of the opinions around here about CU's. 

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On 8/30/2021 at 3:09 PM, Tnblue13 said:

I asked the broker for a rapid rescore for those tradelines on Equifax, literally 2 lines and it made her mad? She sent a really snarky email about starting the process all over, etc.

For the massive commissions a loan broker gets once the loan closes, they should be more than happy to do whatever you ask, and do it with a smile.  That being said, everyone has bad days and it is a PITA to redo paperwork.  If you enjoy the person and the company, maybe call her and see if she isn't having a better day - we've all said things and sent emails that we wish we hadn't. 

 

On 8/30/2021 at 3:09 PM, Tnblue13 said:

She also got upset that in one of the emails I used the term shopping rates.

Don't forget, your broker is paid a commission and that commission is higher if she sells you a higher rate, so understandable if she got upset when you mentioned rate shopping when she thought she had this one in the bag.  What's not understandable - or even acceptable - is conveying that disappointment by getting upset in her email to you.  

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6 hours ago, A Credit Ed said:

For the massive commissions a loan broker gets once the loan closes, they should be more than happy to do whatever you ask, and do it with a smile.  That being said, everyone has bad days and it is a PITA to redo paperwork.  If you enjoy the person and the company, maybe call her and see if she isn't having a better day - we've all said things and sent emails that we wish we hadn't. 

 

Don't forget, your broker is paid a commission and that commission is higher if she sells you a higher rate, so understandable if she got upset when you mentioned rate shopping when she thought she had this one in the bag.  What's not understandable - or even acceptable - is conveying that disappointment by getting upset in her email to you.  

 

OP can confirm, but I do not believe a broker is involved.

 

On 8/30/2021 at 5:09 PM, Tnblue13 said:

Have app in with local credit union

 

I took the term "broker"...

 

On 8/30/2021 at 5:09 PM, Tnblue13 said:

I asked the broker for a rapid rescore

 

... to be a generic reference to be a loan processor or another hourly / salaried employee of the kredit younyun who's involved in processing this mortgage app.

 

I do not disagree with your sentiment, though, but perhaps for more practical reasons.  It's easier to push back/escalate to get a satisfactory outcome on an application that's already in process than it is starting over with a new application.

 

With all of that said, though, if this is a kredit younyun, it's unlikely that OP can't find a mortgage with more appealing pricing in under 30 minutes of dedicated research, and end up with far superior service as a bonus.

 

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