What is a 'rapid rescore' and how does it work?

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A free rapid rescore can improve your credit scores in just two to three months. And if the lender reviewing your application offers a rapid rescore, you can potentially gain anywhere from 20 to 100 points in as little as two days. Here's a closer look at how rapid rescoring works.

Rapid rescoring is a service some lenders use to quickly add new (typically positive) information in your credit reports and update your scores.

Without rapid rescoring, it usually takes 30 to 60 days for new information to show up on your credit reports, and another 30 days or more for your credit scores to update. But with rapid rescoring, you can have a new score in just a few business days.

If you're in the process of applying for a mortgage, a rapid rescore can help you quickly resolve the following issues:

Getting pre-approved : Improving your scores can help you go from being denied a mortgage to being pre-approved. Plus, having mortgage pre-approval makes sellers more likely to accept your offers.

Getting lower interest rates : By moving into a higher credit score range , you can get approved for a lower mortgage interest rate and save a significant amount of money on your loan repayment.

Rapid rescoring can be used when you apply for a loan. If your credit is preventing you from being approved for the loan, or from qualifying for the terms you want, the lender can use rapid rescoring to help you get a better outcome.

For lenders who have access to rapid rescoring, they can also use it to identify which specific actions you can take to improve your credit scores , as well as estimate how many points you might gain.

If you're in a position to make any of the following improvements to your credit profile, rapid rescoring could improve your scores in a matter of days:

Reduce your balances on credit cards or loans

Dispute errors and have them removed from your credit reports

Increase your credit card limits without increasing your balances

Become an authorized user on a credit card that has positive payment history

When you work with a lender who uses rapid rescoring, here's what the process will look like:

The lender pulls your credit reports and views your scores.

The lender may run a diagnostic report and recommend actions that will increase your scores.

You make the necessary changes and provide documentation to the lender.

The lender submits your information to one or more credit bureaus and requests a rapid rescore.

The lender pulls new copies of your credit reports.

The lender reevaluates your scores and updates your loan offer.

There's no specified timeframe to complete a rapid rescore, but the process usually takes two to seven business days. By contrast, it can take months for your credit scores to change without rapid rescoring.

Rapid rescoring helps you quickly add or remove information from your credit reports. This includes things like debt you've paid off and errors you've had fixed.

However, rapid rescoring can't fix all of your credit problems. Here are some of the things rapid rescoring cannot do for you :

Remove accurate information from your credit reports.

Force information off of your credit reports before it's due to be removed.

Predict what your new scores will be with full accuracy.

It's also worth noting that if you have new negative information on your credit reports, such as a missed payment or an account that was sent to collections, a rapid rescore can cause a quick drop in your scores.

Mortgage lenders pay for rapid rescoring, so it doesn't directly cost you anything as the buyer.

Lenders pay anywhere from $25 to $50 per credit report, per applicant. So if you have a co-borrower , and the lender uses rapid rescoring for all six of your credit reports, it could cost the lender as much as $300.

Of course, the lender will charge you origination fees and an interest rate that ensures they make a sufficient profit.

How to make rapid rescoring work for you

Rapid rescoring can help you gain points fast, but it isn't a cure-all for bad credit. If you want to maximize your credit scores and qualify for the best loans, consider these additional tips for homebuyers:

Start working on your credit early : Some lenders don't offer rapid rescoring. But even if they do, you may still need time to add more positive information to your reports, such as on-time debt payments. Consider pulling your credit reports from AnnualCreditReport.com at least 6-12 months before you plan to buy.

Be cautious with your down payment : Many buyers struggle to decide whether to use all their savings for a down payment or use some of that money to pay off debt. Don't guess. Instead, ask your lender to run simulations and recommend the option that will save you money on the loan.

Take careful notes : It's easy to get overwhelmed and confused during the homebuying process. When your lender recommends credit changes, record the conversation or get the recommendations in writing so you know exactly what to do.

Stay away from credit repair: If you're desperate to improve your scores, credit repair services might seem like the answer. But credit repair companies are often misleading, and they charge you money to file credit disputes, which is something you can do on your own for free.ree.

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