Tuesday, February 23, 2010 - Article by: Kristen Harris - Home Savings of America -
Using "Rapid Rescore" to Improve Bad Credit When You Apply for a FHA Loan
Many people throughout their lives acquire bumps and bruises on their credit. If you apply for a FHA Loan and are having difficulties because of you credit score, there is a way to improve your score incredibly quickly with something called a credit "Rapid Rescore". This is something I can assist your with as a FHA approved loan officer.
Here is how a "Rapid Rescore" works. I will check your credit, analyze it and go over it with you. If your score is too low to get a FHA Loan or if you would like to get a better interest rate that having a higher score can get for you, we can discuss the "Rapid Rescore" possibilities with your credit. Working with my credit vendor, I can perform a "What If" analysis on your credit. This "What If" tool allows me to change items on your credit and project how many points your score would change "If" we were able to update and correct certain items.
With the "Rapid Rescore", we will identify items on your credit that we can improve, then you will take the actions needed and send me with the documentation and I will perform the rescore. The rescore allows us to make the corrections to your credit and have the scores updated within 2-5 days. (It can take 45-60 days for changes you make to your credit to naturally report to the credit bureaus) With the "Rapid Rescore", we work directly with the credit bureaus to update the information quickly. Some common items we might change to improve your credit score are paying down revolving balances to <30% of your credit limit or redistributing those balances to different accounts, or having derogatory items deleted off your credit that are mistakes or that you can work out with creditors. However, there is much more we can counsel you to do after your initial analysis of your credit. Call me today for a free credit analysis!
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