Something many people don’t know about credit that can help when purchasing a home I learned about is called Rapid Rescore: 👀👀👀
Rapid Rescore is a process offered only by mortgage originators if I’m not mistaken. It allows mortgage applicants the opportunity to update the content of their credit reports much faster than let’s say a regular creditor update.... typically within 3 business days.
Once the content of the reports is updated, new scores are generated IMMEDIATELY.
This saves the amount of time it would normally take for the creditors to update the credit bureaus; often as long as 60 days.
In order to take advantage of Rapid Rescore you must be able to provide your mortgage originator with clear documentation from the creditor of the new information that you would like reported.
So for instance, you can pay down a credit card and then request a letter from the creditor stating that the balance has been paid in full or something along those lines.
It would require the applicant name, the account number and new balance.
Rapid Rescore is also good for forcing the correction of any derogatory information such as collections and public records, as long as you are able to provide clear documentation directly from the creditor or reporting entity.