How Rapid Rescoring Can Help Your Credit Score Qualify for a Loan
Welcome back everyone, this is Sean Stephens here again with Metroplex Mortgage Services & another Loan Pro video quick tip.
Were you denied for a mortgage because your credit score just missed? Rapid rescoring can help.
While many think this is end of the road, Rapid Rescoring is a powerful tool that can help towards becoming “mortgage ready”– and may be a solution for either USDA, VA, FHA or Conventional loans
Before we get started, don’t forget about our free 2nd opinion service. This can be used for both existing transactions and pre-qualifications, and is a great way to get an expert 2nd opinion about your mortgage qualifying.
Rapid Credit Rescoring
Rapid Rescoring also known as Credit Rescoring, is a great tool which allows for us to identify specific accounts and help maximize the built in potential of a credit score. So what are the steps?
Step One: The credit report is analyzed for any potential improvements through both a manual review and automated credit score simulation software. We can then determine how much of a potential increase in score can be achieved and what actions need to occur.
Step Two: Once the suggested actions have been taken, the customer then calls their credit card or finance company and requests a balance letter or other account documentation. Once this has been received, we can then start the final step.
Step Three: We then submit the documentation to our credit vendor who works directly with the credit bureaus to update the account. Once the updates are complete, we are given notification to reprocess a new credit report. The process can take as little as 3-5 business days to complete after receipt of the creditor documentation.
Here are a few helpful reminders about rapid rescoring:
– There is NO additional charge for this service
– This is NOT credit repair and we are NOT a credit repair company
– Results are not guaranteed & can vary based on differences within each credit report
– Works best when paying down credit card account balances, but not limited to that solely
– Depending on the number of accounts, prepare for longer processing times
This can be a great solution for:
- Upfront Pre-Qualifications
- Current transactions already under contract, but are experiencing qualifying problems
- USDA, VA, FHA, or Conventional Loans
We are known for our Government Loan Experience and high customer service levels. As an approved USDA and VA lender Metroplex Mortgage Services is proud to serve both our military and rural communities.
Just call or email if you have any qualifying questions, want to discuss a new scenario, or would just like to take advantage of our free 2nd opinion service which is great for those existing transactions
I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!