What is rapid rescoring and what does it do for your credit report?
There are certain circumstances where people have high-revolving credit balances, but are on 0% interest so they don’t feel like it’s a problem to have a high limits-to-balance ratio. They may also have a furniture account that they’re paying monthly installments on, but it’s being reported as a revolving account.
These kinds of situations can have a negative impact on your credit score, but if you have the ability to pay those account balances, we can help you print off a new statement that shows what your updated balance is and “force-report” those account balances through rapid rescoring.
Typically, creditors only report to the credit scoring models only once a month, and if you have a 25- or 30-day timeline for your mortgage approval or closing, you need the ability to do these rapid rescores to get your score up and save money. We can do these rapid rescores in usually four or five days, depending on which creditor you’re paying off.
If you have any more questions about how rapid rescoring works or you’re in need of a rapid rescore, don’t hesitate to reach out to me. If you have any other questions, I’d be happy to answer those too. I look forward to hearing from you.