By using a rapid rescore, you can increase your credit score.
If you have a low credit score, a rapid rescore can show you how to rebuild it and qualify for a better mortgage loan. In fact, I recently used a rapid rescore for a couple clients of mine, and it helped them boost their credit.
The first client had a score of about 570. At that mark, that eliminates the possibility of getting a conventional loan and means they’d have to get an FHA loan at a fairly high rate. By using the rapid rescore, though, I saw that they could increase their score. Specifically, this client had some medical bills, and we determined that if those bills could be paid off and deleted, their score would increase into the 720 to 740 range.
Over the next three weeks, that’s exactly what they did. They paid off and deleted a couple of accounts and raised their score to 740. This allowed them to secure a conventional mortgage with an excellent rate.
The second client also had unpaid medical bills, and the rapid rescore simulation told us that if they paid those off, it would increase his score from the mid-600s to the mid-700s. They were also able to do this in a matter of weeks.
Cases like these illustrate what’s often the difference between getting a loan and not getting a loan, or getting a great rate and getting a poor rate. Essentially, a rapid rescore can save you money, and your mortgage professional should know how to use it to guide you to a better loan.
So before you reach out to a credit repair company because you think you can’t qualify for a loan, give my office a call and we’d be happy to do a rapid rescore for you.
If you have any questions about this or any other mortgage-related topic, feel free to reach out to me as well. I look forward to hearing from you.