How to Get a Rapid Rescore Within 3 Days

A low credit score can prevent you from qualifying for a favorable interest rate on a loan, such as a home mortgage. In many cases, a rapid rescore can raise your credit score and lower the interest rate, making your home purchase more affordable. A rapid rescore is a reevaluation of your credit score after a major change has been made. Although a rapid rescore can be completed within three days, there is no guarantee it can be achieved that quickly. However, rescoring is often accomplished a few days after changes have been made that affect your credit rating.

Instructions

1

Obtain your credit score. You can purchase your score through the MyFico website or obtain it from your lender if you have already applied for a mortgage loan. According to the Real Estate website, you will be offered a significantly higher interest rate if your credit score is less than 680. Higher interest rates will cause your loan to cost more over time, and your monthly payments will be higher.

2

Evaluate your credit report. You can obtain a free copy of your credit report from each of the three credit reporting bureaus -- Experian, Equifax and TransUnion -- once a year through AnnualCreditReport.com. Check for any errors in your credit report, such as delinquent accounts that don't belong to you, paid accounts listed as unpaid, and incorrectly listed charge-offs, late payments and collections.

3

Dispute errors on your credit report. Write to each of the credit bureaus requesting resolution of the error. Provide any proof you have. The credit reporting agency has 30 days to investigate your claim, and it will correct any information found to be incorrect. You will receive a letter from the credit bureau informing you of its decision.

4

Pay off old debt. If you have legitimate charge-offs or collections on your credit report, pay them off. Some lenders require this step before granting the loan. Pay down the balances on your installment loans and credit cards. The Motley Fool recommends paying your credit card balances below 35 percent of the credit limit; however, the lower the credit utilization ratio, the more it will decrease your score.

5

Provide proof to the mortgage company that changes have been made that will significantly affect your credit score. You typically pay a fee of $25 to $50 to have the lender request a rapid rescore from a rescoring service. The rescoring service alerts the credit bureaus that changes have been made, and it requests that your credit score be calculated again quickly. Bankrate reports that a rescoring can be completed within 72 hours in some cases.