rapid rescore fico

Rapid Rescore Fico can be utilized if you have false information on your credit/fico report that has to be quickly corrected. You can consult with a mortgage broker to go through credit improvement process known as rapid rescoring. This can be very beneficial to you when you are applying for a mortgage loan, because this can increase your fico scores.

With an increase in credit scores through a rapid rescore fico fix you can gain a lower interest rate and possibly a lower down payment amount.

If you want to rapid rescore your fico, keep your credit card or revolving debt balances at 20-40% of your available limits. This is one way to raise your credit score or to keep your credit score high. If you have credit cards that are maxed out then you should work hard to pay them down so that you get to the 20-40% balance to limit threshhold.

Rapid Rescore Fico can be a costly process as some credit companies roughly $50 per account per credit bureau to have rescored. Therefore if you only had 2 accounts that needed to be rescored with the rapid fico rescore, but both accounts reported to all 3 credit bureaus this would mean you it would cost (6 x 50) $300 to have a rapid rescore fico done. However, when looking at the grand scheme of things and the better rate that you should qualify by having this done, this amount will appear tiny compared to the amount of money that you will be saving from obtaining the lower interest rate and the lower monthly mortgage payment.

In order to rapid rescore your fico, it is important to have any disputed items verified in writing. Any letters from a creditor should have the correct account number, creditor name, and dates that correspond with the credit report. Many times, accounts are assigned and have different account numbers, which delays the process.

Rapid rescoring is a program that can improve your credit score in a short period of time. When your fico credit score is improved it will usually result in a lower interest rate and payment on your mortgage.

» DISCLAIMER: The information contained in this article on 'rapid rescore fico' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.