Published Date 4/27/2020
This is especially important when we are doing a "rapid rescore" or "credit bureau update." These both mean the same thing: using documentation acceptable to the credit bureaus, we can bypass the normal monthly reporting cycle for creditors. If we are paying down revolving debt, for example (credit cards), we will get a current statement from the borrower reflecting the lower balance. The credit report vendor will submit that document to the bureaus and get a new FICO score within about five days based on the lower balance.
FICO scores begin to suffer when credit card balances exceed about 30% of the credit limit. The credit report vendors charge a fee for the rescore service, and since we are only looking improve the mid score, only one or two bureaus need to be updated. This saves the borrower a couple of hundred dollars.
Credit standards are not as stringent as some believe. You can buy a home with lower scores than you might think.
If you have questions about our credit, reach out. I'm here to help.
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
NMLS: #437292
The Mortgage Whiz
Company NMLS: 338923
Cell: 215-407-3832
Email: BVoytko@PRMG.net
NMLS: #437292
Cell: 215-407-3832
7/15/2024
The slow drip of news regarding inflation and the economy can feel maddening in ... view more
6/13/2024
Kitchens are arguably today’s house jewelry — often the part of the house that m... view more
5/29/2024
The markets got hit hard yesterday on the very weak 2 year and 5 year auctions..... view more
5/16/2024
Ever walk into a house and see something that reminded you of your childhood, bu... view more
5/15/2024
Traders and markets waited two weeks for current inflation data, yesterday April... view more
5/13/2024
These are the three areas that have the greatest ability to impact rates this we... view more
5/9/2024
The manicured lawn. Golf green. Americans have obsessed with traditional grass f... view more
5/6/2024
These are the three areas that have the greatest ability to impact rates this we... view more