Forgotten Your Password?

Need to Register?

Question Icon

My mortgage company is requesting a rescore what does that mean?

by gilbert_hamm740 from Mission Hills, California. Feb 11th 2014 Reply


Erik Castillo (erikfcastillo@yahoo.com)
#124 ranked lender in New Jersey - 2 contributions

A rescore is done to help lift clients' scores to qualify for better loan options. Helps borrowers to get accurate information updated within a few days, instead of waiting weeks for the credit bureaus to do it on their own. I am located in New Jersey and will be glad to answer any questions for you, my phone number is (862)206-9131.Email me at ecastillo@omegaloans.net

Feb 11th 2014
Call: (908) 933-0253       Send a Message    Website
0
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

A rescore is when your lender has identified items on your credit that have changed or need to be changed and once the changes are made (Positive or Negative), the credit report is rescored and re-pulled to show the new credit score.. Example... If your initial score upon applying for a mortgage is too low for an approval, but the lender has identified that you have high credit card debt... he instructs you to pay down your credit cards, and asks you to provide the documentation to support that.. once he gets the documentation, he submits it to the credit reporting agency, and the agency updates the credit report, and then your lender re pulls credit which will reflect the lower credit card balances and thus improved credit score. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 12th 2014
1
0
Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

A rescore means that there are items on your credit report that are either inaccurate, or have changed since the time it was last pulled and these items are being updated to improve your score. That likely means that your credit score is too low for them to do your loan as is. (or possibly they are trying to improve the interest rate that you will get by raising your score) I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Feb 11th 2014
0
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

Good response previously from RHANSON - they are trying to improve your qualifications for the loan.

Feb 11th 2014
0
0
Jason Gonzalez (purchaseflorida)
#191 ranked lender in Florida - 27 contributions

Rob is absolutely correct. Just to give you a better idea what to expect, a credit re-score will typically take 2-5 business days to complete. It's main goal is to raise your credit score (or scores, as there are 3 main credit bureaus). Usually, a lender will already have an idea of the impact your re-score will have on your credit scores, and that's why it was suggested in your case. I would just call your mortgage professional tonight or tomorrow and ask what score they are trying to get you to, as well as the plan of action they are taking with your re-score. At the end of the day, this is your loan, and you should definitely know what is going on. It does sound like you may be in good hands though, as some mortgage companies would rather just outright deny a loan instead of helping a borrower with their credit.

Feb 11th 2014
0
0
Subscribe to our news feed.