Having a strong credit score can lead to a lower rate and better pricing options. There are also minimum credit requirements in order to qualify for most loans. If you know that your credit is not where you want it to be, consider a rapid rescore. Did you know that you can receive a credit rescore from BoniFi Capital and other mortgage companies?
A mortgage credit rapid rescore is a service we can do for clients to quickly update your credit report with recent changes, potentially boosting their credit score in days rather than weeks. This can be especially useful for those looking to qualify for better loan terms or meet a minimum credit score requirement. Here’s an overview:
How Rapid Rescoring Works
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Identify Issues: The system analyzes your credit report and identifies areas that could improve your score, such as paying down balances, correcting errors, or removing outdated information. We let you know what changes will make the biggest impact.
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Provide Documentation: You provide proof of changes, such as a paid-off balance statement or dispute resolution letter.
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Submit to Credit Agencies: We work with a third-party rapid rescore service to submit these changes to the credit bureaus (Experian, Equifax, TransUnion).
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Update & Recalculate: The credit bureaus verify the changes, update your credit report, and recalculate your score, typically within 3–7 business days.
Common Scenarios for Using Rapid Rescoring
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Paying Down Credit Card Balances: High credit utilization can drag down your score. Paying off balances can boost your score significantly.
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Fixing Errors: Incorrect information, such as a paid-off debt showing as unpaid, can be quickly corrected.
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Removing Disputes or Inaccurate Items: Some lenders require disputes to be resolved before approving a mortgage.
Key Points to Remember
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Not for Major Credit Repair: Rapid rescoring works for recent changes or errors, not for fixing deeply rooted credit issues like late payments or collections.
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No DIY Option: You cannot directly request a rapid rescore; it must be initiated by your lender through their partnerships with credit agencies.
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Fee Structure: Typically, the lender absorbs the cost of a rapid rescore as part of their service, but it’s worth confirming.
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Score Impact: While results vary, many borrowers see a meaningful increase in their credit score, which can result in better loan terms.
Potential Benefits
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Better Interest Rates: A higher score could save thousands over the life of the loan.
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Eligibility for Specific Loan Products: Certain loans require minimum credit scores, and rapid rescoring can help you meet these requirements.
If you would like guidance on utilizing this service of BoniFi Capital, reach out to us to get started!
