Rapid Re-Score Your Credit Files: A way to
increase your credit scores when you are seeking a mortgage
by Lisa Phillips
May 2007
increase your credit scores when you are seeking a mortgage
by Lisa Phillips
May 2007
You discover your credit report contains negative information that is affecting your chances of
qualifying for the best mortgage loan rates.
qualifying for the best mortgage loan rates.
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What Does Rapid Re-score Accomplish
Negative, inaccurate and outdated information appearing on your credit report and lowering
your credit score can be corrected and removed. Accounts can be deleted from your credit
file. Status of an account can be changed from "30 days late" to "paid as agreed."
Collection accounts can be quickly paid off and deleted from your credit report. You can even
pay down on a balance of a debt and that information is immediately reflected. It is an
invaluable tool that lenders and mortgage brokers have access to and can make a significant
difference when you are in the process of loan approval.
Who Can Do Rapid Re-Score
Rapid Re-scoring is a fee-based service. It can only be done through a lender or mortgage
broker who is a customer of a Rapid Re-scoring Service. Generally, you must have proof that
a payment was made on time or proof that the errors in your report are truly errors. It depends
on the rescoring service what types of information they require. The lender will usually charge
a fee for every account that is corrected.
Rapid Re-score is well worth the money in order to avoid bad credit loans with high interest
rates. New information can be posted in as little as 72 hours and your credit scores will
improve immediately.
Credit Scores for Mortgage Loans and avoiding Multiple Credit
Inquiries
There are many different types of mortgage loans. Having less than perfect credit will not
prevent you from qualifying for a mortgage loan although you will not get the best mortgage
rates. You may qualify for a mortgage, refinance or home equity line of credit, even if you
have credit scores lower than 600.
However, low credit scores put you into what is known as "subprime" lending. The terms are
not as favorable as "prime" lending and your interest rates will definitely be higher. The ideal
scenario is having a middle score of at least 640. The best mortgage loan rates are afforded
to those with credit scores of 700 and above.
When applying for mortgage loans lenders pull your credit scores from the three major credit
bureaus and usually take into consideration your middle score. You must know your middle
score before you apply for a mortgage loan. This will help in your research while deciding upon
a lending institution.
Just remember when you are shopping around for a mortgage loan, try to keep your credit
inquiries within a two week range. The credit bureaus will view multiple inquiries as a single
inquiry if done within a 14-day range.
Negative, inaccurate and outdated information appearing on your credit report and lowering
your credit score can be corrected and removed. Accounts can be deleted from your credit
file. Status of an account can be changed from "30 days late" to "paid as agreed."
Collection accounts can be quickly paid off and deleted from your credit report. You can even
pay down on a balance of a debt and that information is immediately reflected. It is an
invaluable tool that lenders and mortgage brokers have access to and can make a significant
difference when you are in the process of loan approval.
Who Can Do Rapid Re-Score
Rapid Re-scoring is a fee-based service. It can only be done through a lender or mortgage
broker who is a customer of a Rapid Re-scoring Service. Generally, you must have proof that
a payment was made on time or proof that the errors in your report are truly errors. It depends
on the rescoring service what types of information they require. The lender will usually charge
a fee for every account that is corrected.
Rapid Re-score is well worth the money in order to avoid bad credit loans with high interest
rates. New information can be posted in as little as 72 hours and your credit scores will
improve immediately.
Credit Scores for Mortgage Loans and avoiding Multiple Credit
Inquiries
There are many different types of mortgage loans. Having less than perfect credit will not
prevent you from qualifying for a mortgage loan although you will not get the best mortgage
rates. You may qualify for a mortgage, refinance or home equity line of credit, even if you
have credit scores lower than 600.
However, low credit scores put you into what is known as "subprime" lending. The terms are
not as favorable as "prime" lending and your interest rates will definitely be higher. The ideal
scenario is having a middle score of at least 640. The best mortgage loan rates are afforded
to those with credit scores of 700 and above.
When applying for mortgage loans lenders pull your credit scores from the three major credit
bureaus and usually take into consideration your middle score. You must know your middle
score before you apply for a mortgage loan. This will help in your research while deciding upon
a lending institution.
Just remember when you are shopping around for a mortgage loan, try to keep your credit
inquiries within a two week range. The credit bureaus will view multiple inquiries as a single
inquiry if done within a 14-day range.
Related Articles
Rapid Re-Scoring can correct negative, outdated
and inaccurate information in your credit report in
as little as 72 hours when time is of the essence.
What is Rapid Re-score
Rapid Re-score is a service offered by a lender
or mortgage broker in which your credit scores
can be re-analyzed and quickly corrected for the
purposes of a residential or commercial real
estate loan.
Rapid Re-score will accelerate the credit dispute
process and rapidly correct negative information
and increase your credit score immediately.
and inaccurate information in your credit report in
as little as 72 hours when time is of the essence.
What is Rapid Re-score
Rapid Re-score is a service offered by a lender
or mortgage broker in which your credit scores
can be re-analyzed and quickly corrected for the
purposes of a residential or commercial real
estate loan.
Rapid Re-score will accelerate the credit dispute
process and rapidly correct negative information
and increase your credit score immediately.
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