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Plus, on top of your credit score, lenders also look at your debt-to-income (DTI) ratio — that’s how much in minimum debt payments you owe each month compared to how much pre-tax income you bring in.If it’s over 43%, you might have trouble qualifying for a loan.A rapid rescore is an expedited process that goes directly through your lender and can have huge results, all within the timeframe you need.What used to take weeks or even months can be done in just a matter of days.The easiest and possibly most successful item you can have updated through a rapid rescore is paying down a loan or credit card balance.

Normal disputes with the credit bureaus typically take 30 days to resolve, and the updates can take even longer to actually show up on your credit report.You do have to file a rapid rescore with each individual credit bureau, so even if there’s just one item to update, that can add up between and 0.However, federal law prevents you as the consumer for being charged for this service.Even if you regularly pay off your credit card balances, a zero balance might not be reflected in your credit score.Your credit report (and score) are essentially snapshots in time, so whatever your credit card balance was on the day your report was pulled, that is the amount of debt that will be factored into your loan application.A rapid rescore, on the other hand, takes just between three and seven business days from start to finish.Because the closing date on a home typically can’t be delayed beyond the original agreement, it’s not realistic for homebuyers to have to wait a month or more just to hear back on the results of their request to the credit bureaus.And it’s one thing to be prepared to pay for a 5% down payment, but what if your lender suddenly requires a 10% down payment because of your credit score? A rapid rescore is a way to quickly increase your credit score to help you qualify for better rates and terms during the mortgage application process.Maybe you’ve updated some important financial information already but the changes haven’t been reflected on your credit report yet.Or maybe you want to pay down enough debt in order to qualify for a lower rate.Your lender can help you look at your credit report with a score simulator and figure out hypothetically what actions could get your score to where it needs to be. Since positive movement generally takes several weeks to appear on your credit report, you then get a rapid rescore done.


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