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How Can Rapid Rescoring Help Your Credit Score Qualify for a USDA Loan

May 3rd, 2013 by Sean Stephens

How Can Rapid Rescoring Help Your Credit Score Qualify for a USDA Loan

Many homebuyers ask: How can I qualify for a home loan if my credit score just misses?

That is a great question and thankfully we have solutions.  This short video will explain how rapid rescoring can help maximize the built in potential of a home buyer’s credit score in as little as 3 to 5 days! Beware though, this is a powerful tool that can help towards becoming “mortgage ready”– so let’s get started with the details!

Here are the 3 Steps to a successful Rapid Rescore:

Step One: The credit report is reviewed and analyzed for any potential improvements through both a manual review and through automated credit score simulation software.  We are then able to determine how much of a potential increase in score can be achieved and what actions need to happen in order to get there.

Step Two: Once the targeted accounts have been paid down, the customer then calls their credit card or finance company and requests a letter documenting the current account balance. Once this has been received, we can then start the final steps of the process.

Step Three: We then submit the balance letter documentation to our credit vendor who works directly with the credit bureaus to update the balances. Once the balances are updated we are given notification to reprocess a new credit report. The process takes usually 3-5 business days to complete after the updated balance letters have been submitted.

Here are a few helpful reminders about rapid rescoring:

  1. There is NO additional charge to the client for this process
  2. This is NOT credit repair and we are NOT a credit repair company
  3. Results are not guaranteed & can vary based on differences within each credit report
  4. Rapid rescoring is beneficial for customers looking to maximize their scores
  5. Works best with open credit card account balances but not limited to that solely
  6. Great tool for the pre-qualification process

To read more information on credit score eligibility for a USDA loan – CLICK HERE.

Also, watch this video on how to qualify for a USDA loan with collections.

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