Credit Score Diaries: Journey to an 850 Credit Score

Wednesday, September 07, 2011

Rapid Rescore: Best Way to Raise Credit Score?

Rapid Rescore: What is it?

Many people don’t plan ahead and pick up their credit score before shopping for a loan to get the best credit possible. A lower credit score (one below 620 or even 650) can mean the highest interest rate and highest monthly payments. A score of above 720 means the lowest rates possible. Having the best credit score you can have means saving thousands of dollars over the life of your loan. How can you raise your credit score in a quick period of time, and save?

There are several ways to improve your credit score in a week or less. One is called the "rapid rescore" process, offered through your mortgage officer only, by a company called Access. With this system, you must do legwork to change your credit report contents yourself, within a week. So for instance, you might have to pay off certain collections or liens within a week to change your credit report contents. The rapid rescore process gives your credit score a second look at the end of a week so any improvements will show on your second credit score. The drawbacks of this process if you can only do it through a mortgage broker, and also, you must have something that you can improve quickly on your report such as paying off a collection or a card balance.

Another way to improve your credit score quickly is to use techniques to quickly "bump up" your credit score yourself. I talk about these in my ebook "Improve Your Credit Score in 24 Hours." Since you are doing most of the work yourself in a Rapid Rescore, like paying off a collection, or paying down a credit card balance, you might as well do the rest of this "Rapid Rescoring" process yourself, which is to contact the credit bureau agencies yourself, and coordinate a fast update of your credit score. Something they will do with simple techniques to talk to them properly and get someone on the phone.

Depending on which creditors and credit bureaus you use you can many times cause your credit a quick "boost". Techniques like this are a great "survival skill" in your credit career. You don't need a particular mortgage company to order a Rapid Rescore company when you can do it yourself easily. It's a great skill to improve your credit score quickly.

You could order a Rapid Rescore from $60 to $100 bucks, I say do it yourself. It's just as much work pretty much.

People are getting more financial savvy these days with gurus like Suze Orman telling folks about their FICO scores (another term for credit scores). I think it is good because having credit knowledge before you make large purchases for things like homes or cars can save you thousands of dollars and put more money where it belongs, your investment future.

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