If your credit score is just a few points shy of qualifying for a better mortgage rate, a credit rescore could be your secret weapon.
What Is a Credit Rescore?
A credit rescore is a rapid update to your credit report that reflects recent changes—like paying off debt or correcting an error. It’s faster than waiting for normal credit updates, which can take months.
How Does It Work?
- Your lender identifies quick fixes – This could mean paying off a credit card, correcting an incorrect late payment, or removing an old dispute.
- You make the necessary changes – Pay down debt or provide proof of errors.
- Your lender submits a rescore request – This can update your credit in just a few days instead of weeks or months!
Why Does It Matter?
📉 A higher credit score = lower interest rates. Even a 10-20 point increase can save you thousands over the life of a loan!
💡 If you’re close to a major credit milestone (like moving from a 680 to a 700), a rescore could push you into a better loan program.
Ask your lender if a rescore makes sense for you before you lock in a mortgage!