What Is A Rapid Rescore?
A rapid rescore is a technique used by mortgage professionals to quickly update
credit reports to reflect changes before the regularly scheduled updates by the
creditors and credit bureaus.
When a potential borrower falls just shy...
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What Is A Rapid Rescore?
A rapid rescore is a technique used by mortgage professionals to quickly update
credit reports to reflect changes before the regularly scheduled updates by the
creditors and credit bureaus.
When a potential borrower falls just shy of the
required score needed to qualify for the mortgage they can have the client pay down
some card balances or pay off some accounts to try and get the points needed.
We will take a very simple situation as an example.
If the borrower needs a 620
middle score to qualify for the mortgage and when the broker pulls his or her credit
they show a 613.
The borrower is now just 7 points shy of being able to qualify for
the mortgage.
The mortgage broker would then analyze the credit report and
determine what can be done to get a score bump for the homebuyer.
If there were
credit cards that show a high balance to limit ratio, they would advise the cards be
paid down as low as possible, depending on the financial resources available to
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