What is a Rapid Rescore?
Is your credit rating wrong? You can probably get it corrected much faster than you think, with a new service called “rapid scoring”, according to this article in the New York Times. Mention it to your mortgage broker.
The New York Times > Real Estate > Your Home: Quickly Improving A Credit Rating.
Home buyers in search of a mortgage know that their credit history will play a key role in the outcome. And anyone who has tried to improve a credit score is probably aware that doing so can take months or years.
But it is sometimes possible for a borrower to raise his credit score in just a few days, using a strategy known as rapid rescoring.
“I’ve had a fair amount of success using rapid rescoring for clients,” said Oded Ben-Ami, a senior loan officer for Sterling National Mortgage in Great Neck, N.Y. “And the couple of hundred dollars it costs is negligible compared with the benefits of getting a better interest rate, quicker approval and a higher maximum loan amount.”
Bankrate says:
“When getting a mortgage, “rapid rescore” is a phrase worth knowing.
But what does it mean? Bottom line: It’s a practice used by mortgage originators to help lift credit scores.
Credit scores ebb and flow as information is updated to the credit report. While the rapid rescore has “been around forever,” the concept of quickly updating a credit history — and getting a new credit score based on that newly updated file — has gained traction in the last few years, says Linda Davidson, a loan officer with Service First Mortgage.
“It’s much more important today than it’s ever been because credit scores have become king,” she says.
When getting a mortgage, “rapid rescore” is a phrase worth knowing.
But what does it mean? Bottom line: It’s a practice used by mortgage originators to help lift credit scores.
Credit scores ebb and flow as information is updated to the credit report. While the rapid rescore has “been around forever,” the concept of quickly updating a credit history — and getting a new credit score based on that newly updated file — has gained traction in the last few years, says Linda Davidson, a loan officer with Service First Mortgage.
“It’s much more important today than it’s ever been because credit scores have become king,” she says.
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