What is a Credit Rescore?

Have you applied for a mortgage and been told it would help if your credit score were higher? Ask your lender if it is possible to do a "credit rescore" for you. It shouldn't take long to improve your credit score, with advice from your lender on just what you can do. The most common ways to quickly improve a credit score are to pay down debt, add (or have removed) a dispute comment on your credit report, and although it sounds counterintuitive, add a credit card. Mortgage underwriters like to see that you don't use all your available credit, leaving you some wiggle room for emergencies or just for paying your mortgage! Paying down debt is generally the most important thing to do, though. 

How does this rescore help you? A higher credit score means you may qualify to buy a home afterall, and it can also mean you may bet a better interest rate.

If you're thinking of buying a home and are worried about your credit score, contact us. We have a number of lenders we've worked with for years and we are happy to share their contact information with you!