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What is a Rapid Rescore
What is Rapid Rescore?
Many educated consumers are asking what is rapid rescore? How can I use rapid rescoring to increase my credit score quickly so I can accomplish my immediate a long term credit goals?
Rapid Rescoing is a service provided by a third party that will help expedite the updating of certain information on your credit report. Most people use rapid rescoring as a way to increase thier credit scores quickly so they can get qualified for a home or auto loan. Some people use rapid rescoring to correct mistakes on thier credit report.
The information on your credit report isn't always current. Most of your creditors will update your credit report once every month. You might not have time to wait until they update your credit report. If you need your credit scores inceased quickly, you may want to process a rapid rescore.
Some creditors only update quarterly. Worse than that, many times a creditor will fail to update your credit report, especially when the account has been paid and closed, leaving junky balances and payments on your credit report for years. You may want to process a rapid rescore just to correct information on your credit report that would otherwise never get updated.
Rapid Rescore Example #1
A client named Dan was referred to me by a major lender in the Bay Area. Dan was trying to buy his dream home. There are lots of good deals in his neighborhood and he found a home that he loved. He made an offer on the home and it was accepted. Unfortunately for Dan, the lender pulled a credit score that was 15 points too low to qualify for the mortgage on the home he wanted.
What is Rapid Rescore
Many educated consumers are asking what is rapid rescore? How can I use rapid rescoring to increase my credit score quickly so I can accomplish my immediate a long term credit goals?
Rapid Rescoing is a service provided by a third party that will help expedite the updating of certain information on your credit report. Most people use rapid rescoring as a way to increase thier credit scores quickly so they can get qualified for a home or auto loan. Some people use rapid rescoring to correct mistakes on thier credit report.
The information on your credit report isn't always current. Most of your creditors will update your credit report once every month. You might not have time to wait until they update your credit report. If you need your credit scores inceased quickly, you may want to process a rapid rescore.
Some creditors only update quarterly. Worse than that, many times a creditor will fail to update your credit report, especially when the account has been paid and closed, leaving junky balances and payments on your credit report for years. You may want to process a rapid rescore just to correct information on your credit report that would otherwise never get updated.
Rapid Rescore Example #1
A client named Dan was referred to me by a major lender in the Bay Area. Dan was trying to buy his dream home. There are lots of good deals in his neighborhood and he found a home that he loved. He made an offer on the home and it was accepted. Unfortunately for Dan, the lender pulled a credit score that was 15 points too low to qualify for the mortgage on the home he wanted.
After reviewing Dans credit report, I noticed that he had two credit cards with high balances. I informed Dan that all he needed to do was pay these credit card balances down below 50% of the credit limit. Paying down these credit card balances will allow your score to increase 20-30 points.
Dan told me that he had already paid these credit cards down to a $0.00 balance. At that point, we processed a rapid rescore for Dan. 5-7 business days later, the balances on those credit cards were updated on his credit report. The lender re-pulled Dans credit report and this scores came in 35 points higher.
Not only did rapid rescoring help Dan get his loan, he ended up qualifying for a lower rate which saved him thousands in the long run.
Rapid Rescore Example #2
Rapid Rescore Example #2
When I paid off my first car, my credit union just stopped updating my credit report completely. They left a balance on my credit report which made other creditors think that I still owed money on that auto loan. I had to carry around a settlement statement just to prove to potential lenders that I had paid off my auto loan. An "unpaid" balance remained on my credit report for years dispite the account being disputed several times. Finally, I was able to correct that information with a rapid rescore.
Learn More...Why Use a Rapid Rescore
Would you like one of our credit experts to review your credit report and see if you can increase your credit score with one of our rapid rescore services? Call (877) 254-6900 or (click here).
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What is Rapid Rescore
"It worked! My loan guy pulled the credit today as scheduled. All 5 accounts that we rapid rescored are updated and my mid score is a 667!That's up from a 598. We only needed a 620 to get the loan approval but the loan agent said that because our scores are over a 660, we just avoided a $2500 fee. Another added bonus! I really want to say thank you. I appreciate your hard work and expertise and I'm really excited that you helped make home ownership a reality for me. I will be recommending your company to some friends of mine."
K. Ontkean
K. Ontkean
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