Update Credit Report Fast Rapid Rescore To Increase Credit Scores

Get Recent Update Credit Report Fast With a Rapid Rescore

Gustan Cho Associates are mortgage brokers licensed in 48 states

In this blog, we will cover and discuss the latest update credit report fast with rapid rescore for increasing credit scores to qualify for a mortgage or to get the best rates. Credit scores are the biggest factor in qualifying for a mortgage. Most lenders will have minimum credit score requirements to qualify for a certain loan program. Credit scores are also the biggest determinant of mortgage rates. Mortgage lenders use the borrower’s credit score to price out the loan.

What Are The Benefits For Having a Good Credit Score?

High credit scores mean lower rates which yield tens of thousands of dollars in savings. In the following paragraphs, we will discuss how to get a recent update credit report fast with a rapid rescore. Getting your update credit report fast with a rapid rescore can take anywhere between three to five days. Getting recent update credit report fast with a rapid rescore makes homebuyers to close on their homes possible. Getting recent update credit report fast with a rapid rescore only takes three to five days.


Can a Mortgage Lender Do a Rapid Rescore?

For mortgage Borrowers who have a derogatory and/or negative credit item on their credit report, a mortgage lender can update credit report fast rapid rescore, also called rapid rescoring. Rapid Rescoring is an accelerated fast track process of updating a consumer’s up-to-date information on their credit report. Instead of waiting 45 days or more for the three credit bureaus to update the borrower’s credit information, rapid rescoring can have the borrower’s credit information updated in a matter of 3 to 5 business days.

How Much Does a Credit Rapid Rescore Cost For a Mortgage?

There is no cost for a rapid score to the borrower. However, rapid rescore can be expensive and is paid by the mortgage broker or lender. There is a cost involved with rapid rescoring. Normally it costs $30 plus per credit tradeline per credit bureau. So if a borrower needs to do a rapid rescore on one credit tradeline, it will cost close to $100 to get it updated on all three credit reporting agencies. If borrowers need to rapid rescore ten credit tradelines, it can cost $1,000. Rapid Rescoring can be expensive and is normally done in cases of urgency such as if a borrower needs to get a mortgage approval sooner than later.

When You Need To Update Credit Report Fast Rapid Rescore To Qualify For Mortgage

All mortgage programs have minimum credit score requirements. Here are the minimum credit score and other mortgage requirements for loan programs in general:

  • FHA Loans require a 580 credit score for a 3.5% down payment home purchase FHA Home Loans
  • VA Loans do not have a credit score requirement
  • In order to get approve/eligible per the Automated Underwriting System Borrowers should have at least a 580 credit score

Fannie Mae and Freddie Mac require a 620 credit score for conventional loans.

How Do I Get a Rapid Rescore on My Credit Report?

Increasing And Updating Credit Scores

Borrowers may not meet the above credit score requirements to be eligible for particular loan programs. However, there is a mortgage credit scoring analyzer called the FICO Simulator or FICO Analyzer that will do a credit analysis on a borrower’s credit score. Borrowers with high balances on their revolving accounts and/or credit cards have a chance of greatly boosting their credit scores by paying down their credit card balances.

How Long Does It Take To Increase Credit Scores After Rapid Score For Mortgage?

They can pay down the credit card balances, give the proof of payment to their loan officer, and the loan officer can do a rapid rescore. By rapid rescoring, the credit bureaus will update the paid-down credit card balances. After the credit reporting agencies update the borrower’s information on all three credit bureaus, the loan officer will re-run a tri-merger credit report. The new credit report with the updated new credit card balances will yield a much higher credit score where the borrower will not qualify for a mortgage.

Reasons For Rapid Rescoring

The main reason for rapid rescoring for borrowers qualifying for a mortgage is so they can qualify for a mortgage by increasing credit scores to meet the minimum credit score requirements of a mortgage program.  Another reason for rapid rescoring is to maximize credit scores to achieve the best lowest mortgage rates. Rapid Rescoring is done for borrowers who want to maximize their credit scores so they can get a lower rate. Higher credit scores mean lower mortgage interest rates on home loans as well as any types of loans. Higher credit scores mean lower insurance premiums as well.

How Long Does It Take Increase Credit Score With a Rapid Rescore?

Borrowers who do not qualify for a mortgage loan because credit scores are too low due to maxed-out credit cards or the credit reporting agencies are reporting errors can Update Credit Report Fast Rapid Rescore. There is a way of improving credit scores by paying down balances and Update Credit Report Fast Rapid Rescore. The credit reporting errors by the use of Rapid Rescore which mortgage lenders can do for borrowers who already have purchase contracts and are in a rush to qualify and close.

How To Update Credit Report Fast Rapid Rescore And How Does It Work
Credit Report Fast Rapid Rescore

Under normal circumstances, updating credit reports takes at least 30 to 60 days if it is done the traditional way. However, with Rapid Rescore, all the lender needs are proof that the borrower has paid down credit cards. Or proof that the credit reporting agency is reporting erroneous information. They will have a third-party credit vendor contact the three credit reporting agencies. Provide proof to them and in return, it will be updated in 3 to 5 business days. By getting a borrower’s credit report updated, it will also instantly update credit scores.

Can I Get a Mortgage If I Am a Victim of Identity Theft?
Victim of Identity Theft

Borrowers who have been a victim of identity theft and want to apply for a mortgage,  the chances are they need to wait several months to get the fraudulent items corrected on their credit report. However, for victims who are armed with a police report and letters from the creditors that there were unauthorized charges on the credit account, a Rapid Rescore can delete the false information from the credit report in a matter of a few days. There is normally a cost involved with rapid rescoring. Depending on how much of a hurry borrowers are in, it might be worth the investment in getting the bad credit items deleted from the credit report in a matter of a few days instead of several months.

How Long Does It Take To Get a Rapid Rescore Back?

The benefits of rapid rescore are tremendous and mortgage lenders rely on rapid rescore to make sure a mortgage loan closes on time. For example, if the borrower does not qualify for a mortgage loan because their debt to income ratio is too high during the mortgage approval process, the mortgage loan officer can have the borrower pay off certain credit card debts or other liabilities. After paying down and/or off the debts, the loan officer can request a rapid rescore and update the credit report.

How Long Does The Mortgage Score Take To Update?

This speed will enable a mortgage loan to close on time rather than wait 30 or more days until the credit reporting agencies update the borrower’s updated credit information. Paying down the balance of a revolving credit account will also boost credit scores so it will be a win-win situation. Rapid rescoring is a powerful tool for both mortgage companies as well as borrowers. Errors such as erroneous bankruptcy and/or foreclosure dates can be corrected as soon as 3 to 5 business days instead of months.

The Best Mortgage Broker For Bad Credit Loans

Borrowers with errors on their credit reports and with purchase contracts needing an expert mortgage lender with no overlays, can contact us at Gustan Cho Associates at 800-900-8569 or text us for a faster response. Or email us at gcho@gustancho.com. We are available 7 days a week, on evenings, weekends, and holidays.

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