What is rapid rescore and how does it work

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Todays credit question of the day is a great one: What is a rapid re-score and how does it work? • Visit us online at https://keycreditrepair.com/ • Click here to request a free consultation https://keycreditrepair.com/free-cons... • Read more here https://keycreditrepair.com/what-is-r... • Your Credit Minute Show Notes: • 00:00 What’s up, YouTubers? Today we are going to talk about rapid rescores, the fastest, fastest way to increase your credit score. And we get a million questions a minute about this. Rapid rescores. “Hey, can you do a rapid rescore for me, Nik?” “I need a rapid rescore.” “Just rapid rescore that thing.” • 00:18 What’s a rapid rescore? Does anyone even know really what this means? Well, we’re going to talk about it today here at Your Credit Minute. Let’s talk about rapid rescores, how this can help you close on your mortgage much quicker with a lower rate, how much it costs, how long does it take, let’s detail everything. • 00:34 So, guys, rapid rescore is typical a product that’s only provided by your mortgage company. Okay? You go in for a mortgage and they pull up your credit report and your score is 680, and they’re not giving you the best rate possible. And you’re wondering why. You’ve looked at your credit, you’ve never had a late, you don’t have any derogatory information, but your credit score is still no more than average, and you’re wondering, “What can I do?” Well, the first thing you’re going to do is you’re going to call me, right? And I’m going to tell you, “Guys, you don’t need credit repair.” Okay? But you’re still wondering, “What do I do? How do I get my credit score up?” And typically, what I’m going to tell you is you got to pay down your credit card balances, right? We’ve talked about this in all of our previous videos where your credit card utilization rate is about 30% of what makes up your credit score. So, here are your credit limits, here are your credit balances. A little too close. The ratio or that credit card utilization rate is far higher than it needs to be. • 01:28 So, what will Nik tell you? Pay down those credit cards, right? Bring down that utilization rate. Bring down that ratio, uh, as low as you can, okay? Really, what you want to do is you want to have your credit card balances or any sort of lines of credit below the 10% credit limit mark before you apply for any sort of a mortgage, or a card lending product, anything that’s major where you’re going to get a longer term interest rate and you’re going to end up overpaying for many, many years if your credit score isn’t exactly where it needs to be. • 01:58 Now, here’s the problem, okay? You’ve paid down your credit card, um, it’s down to zero, you did it the day I asked you to do it. You go back to your lender and you say, “Hey, Mr. Banker Guy, time to close on my mortgage. I- I- I paid off all my credit cards. That 680 should be a 780 now. It should be a- a- a- a million eighty. Um, you know, let’s- let’s do a rerun my credit.” Your loan officer reruns the credit. Lo and behold, your credit score is exactly the same. Why?

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