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Part 2 – USDA Loan Credit Requirements: Can rapid rescoring help if your USDA loan was denied due to credit score?

August 12th, 2022 by Sean Stephens

USDA Loan Credit Requirements: Can rapid rescoring help if your USDA loan was denied due to credit score?

In Part 1 of our series on USDA Loan Credit Requirements we discussed USDA credit score guidelines and additional minimum credit score that lenders may require. However, what happens if your credit score just misses for loan approval? Can a technique called rapid rescoring help if your USDA loan was denied due to credit score?Sebring FL USDA Loans

In today’s short video, I will shared the details involved with rapid rescoring and explain how it has the potential to increase your credit score in less than a week!

Now, before we get started, don’t forget to take advantage and download our USDA Blueprint for Success with the link below. This free guide is designed to walk you through the process step-by-step and is a great tool for both homebuyers and Realtors alike.

USDA Loan Credit Requirements: Can rapid rescoring help if your USDA loan was denied due to credit score?

Rapid Rescoring, a.k.a Credit Rescoring, is a great tool that helps us to identify specific accounts and maximize the built-in potential of a credit score. Now let’s review the steps involved:

Step 1: Review the customer’s credit to analyze potential score improvementUSDA Loan Credit Requirements: Can rapid rescoring help if your USDA loan was denied due to credit score in Florida, Texas, Tennessee, or Alabama?

This includes reviewing a customer’s credit history from both a manual and automated standpoint. This allows for us to determine what options are available to help maximize their credit potential and discuss what actions will have to be done to accomplish that.

At this stage, we are providing our client with a roadmap on actions they can take that will help improve their credit score.

Step Two: Once the suggested actions have been taken, the customer then calls their credit card or finance company and requests a letter documenting the current account balance. Once this has been received, we can then start the final steps of the process.

Step Three: We then submit the documentation to our credit vendor who then works directly with the credit bureaus to update the balances. Once the balances are updated we are given notification to reprocess a new credit report. This can take as little as 3-5 business days to complete after the updated balance letters have been submitted.USDA Loan Credit Requirements: Can rapid rescoring help if your USDA loan was denied due to credit score in Florida, Texas, Tennessee, or Alabama?

Once the updates are completed, we are then notified to order a new credit report!

Some helpful reminders about rapid rescoring:

  • There is NO additional charge to the customer for this expedited request
  • This is not credit repair
  • We are not a credit repair company
  • Results can vary based on the differences within each credit report
  • This is beneficial for any customer looking to maximize their credit scores

Last but not least, remember that obtaining a certain credit score does not guarantee loan approval and that minimum credit conditions will apply on each loan.

If you have been recently denied for a loan and would like a second opinion, we are here as a resource!

As a USDA Approved Lender, we will walk you through the USDA loan qualifying process step-by-step. Just call or email to discuss your scenario and let us show you the “Metroplex” difference!

(800) 806-9836 X 280
SeanS@MPLX.org

Thank you again for forwarding and sharing today’s topic with any friends, family, co-workers, or clients who are looking to purchase or build a home!

P.S. – Remember to CLICK HERE to download your Free USDA Blueprint for Success!

Tampa FL USDA Approved Lender List

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