What does Rapid Rescore Mean To Buyers in NC?

Let’s say you are ready to purchase a home in NC, and you meet with a loan officer… and they say that your credit score is 610.  ARRRGGH!  Depending on the mortgage loan that you are applying for, you are probably JUST UNDER the score you need!  Now what do you do?  Call us, we can do a rapid rescore and that will get a credit report fixed FAST!

We have access to a Score Analyzer  – it will tell you which accounts need to be closed, which ones need to be paid off, and which accounts need to be paid down to a certain balance (normally it’s not paid completely off).  After the items identified are resolved, we take your evidence, and we can run a Rapid Rescore for you!

Rapid Rescore is just what it sounds like… let’s say our credit model shows that if you pay a credit card down to $300 your score will go up 20 points. Well, once you have evidence that you’ve made the payment – you send us the documentation, and we get the scores updated!

That’s the good news… here’s the BAD NEWS (sorta):

• It takes almost 10 days for the full process
• It’ costs @$30 a trade line (so if we are updating 2 items at 2 bureaus – that’s 4 x $30 or $120)
• many underwriters won’t take a rapid rescore report.

That’s right – many underwriters (especially USDA Home Loan Underwriters) want to see the “natural” progression of the score movement!  Arrgghhhh!!! It was really easy to do this, and then about 90 days ago – the process of looking at the Rapid Rescore changed.  I mean why spend the $120 dollars if the underwriter is going to make you wait?

And wait…

and wait…

because depending on WHEN the company you owe money to reports (and they can report the activity on credit cards on any day of the month), it could take 45 days for the “change” like a payment to show up for the bureaus!

Good News!  Depending on which account you are making a payment on, you may be able to pay a minor amount (like $50) and get them to update the Bureau instantly!  Call us, and we’ll let you know which credit card accounts have this capability built into their system!! We also have access to programs that allows us to approve loans for folks who have credit scores between 580 and 619, so don’t let a few bad items on your credit report stop you from looking for a new home in North Carolina!

If you are interested in a mortgage loan in NC, and have questions about Rapid ReScore, or how to get a credit report fixed FAST so you can buy a home.  Call, call Steve Thorne, 919-649-5058  We can help you get the Minimum Credit Score for a mortgage.  We’ll call you back, and if you need to add another credit card, or pay something off – we’ll work with you.  Here’s some GOOD CREDIT Advice (and it’s FREE!)!