If you're on the verge of getting a great mortgage but a small issue with your credit score is holding you back, working with your mortgage broker to do a "rapid rescore" can keep your financing on track. With a rapid rescore, you fix the issue on your credit report, such as paying off an old account, proving that an entry is not valid or paying down a balance, and submit proof of what you did to your broker. He works with the credit bureaus to have the change quickly reflected on your credit report, hopefully raising your score.
Work with a mortgage broker or with a direct lender. Rapid rescores aren't offered directly to consumers, so you'll need someone to actually submit your information and manage the process for you.
Order a copy of your credit report and score from the three credit-reporting bureaus or have your mortgage broker do it for you. Since most lenders look only at your middle score and disregard the high and low ones, you'll usually focus on raising that middle score so that you can qualify for a better loan.
Run a credit score simulator to identify what you can do to raise your score to your desired level. For instance, if you have a 695 credit score and the lender drops its rate for borrowers with 700 scores or higher, you'd want to raise your score by 5 points. Mortgage brokers have these simulators as a part of their systems. The simulator might determine that you need to pay down the balance on a maxed-out credit card, fix an erroneous item on your credit card or take some other action.
Do what the simulator and your broker recommends and save proof of it. If you call your credit card issuer to get a balance increase to lower your utilization and it gets granted, have them send a confirmation, or print out the page from your account information on the website that shows the change. When you make a payment, save the confirmation page.
Deliver the proof to your mortgage broker. He will then submit it to the appropriate bureau through the rapid rescoring system. Your score should be adjusted within a few days. Over time, the change that you made should also get picked up by the other credit bureaus. If it doesn't, you can always use their standard dispute procedure, which doesn't carry a fee.
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