The 2 fastest ways to raise a credit score

By
Real Estate Agent with Keller Williams Capital Properties DC AB15253

This is a wonderful article to share with clients as they start the process of looking for a lender who can give them a ore approval.  Take a bit of time to fix your credit. It will save a lot of time in the long run!  It is a good thing for us to show them how to be in control of their credit score at the very beginning 

Do you have clients who were declined because their credit score was too low?

 

The fastest 2 ways to raise a credit score are:

1) Remove negative items

2) Pay down credit card balances

 

Every single mortgage company in the country has access to a program called a "Rapid Re-score" in which they can re-score the customer within 7 days.

 

If you have a client declined due to their credit score, the 2 questions which the loan officer should have asked them if they declined them due to their scores were 1) Are there negative items which we can get letters on to remove or correct and 2) Are there any credit cards which can be paid down

 

As always, if you have any questions or need a client Pre-Approved, call me at 1-216-780-1103 or shoot me a text. I specialize in difficult loans. Anyone can do loans for people with perfect credit, big down payments and holding the same job for 30 years. If you want to truly separate good from great, hand someone a 654 credit score or a 602 score or 596 score with a bankruptcy, two job changes, self-employed, 5 collections, 2 disputed accounts, gift money, and a prior foreclosure who is buying a manufactured home and THEN we will find out who the best person standing is and I am pretty confident that I'm staying on my feet. Try averaging about 15-20 of those per month by the way.

 

I am licensed in Ohio, Florida, Pennsylvania, Illinois, Michigan, Virginia, Georgia, Maine, Oklahoma, Texas, Colorado, Arizona, California and Washington.

 

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Rainmaker
1,135,198
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Great re-post, especially during forbearance.

Jun 13, 2020 03:48 AM #1
Rainmaker
5,559,288
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Lise Howe this is a good choice for a reblog.... credit worthiness is at the top of my list.... too many today are weighed down with high balances on bank cards.... I like ZERO !!

Jun 13, 2020 03:50 AM #2
Rainmaker
3,901,496
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Lise. Thanks for the reblog. The advice of a good mortgage loan officer can be priceless. Enjoy your day!

Jun 13, 2020 04:37 AM #3
Rainmaker
2,396,087
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Lise Howe - excellent choice of a reblog here.  Thise balances have a large effect.

Jun 13, 2020 05:09 AM #4
Rainmaker
3,713,259
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Happy Saturday Lise and thanks for the reblog on this subject.  I hope that people are not using credit cards to much now.

 

Jun 13, 2020 08:24 AM #5
Rainmaker
1,951,137
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

You've shared a great post on pro-active ways one can improve a credit score.

Jun 13, 2020 10:11 AM #6
Ambassador
4,210,914
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Lise credit scores are mainly made up of 3 componets which add up to 77% of the total credit score.

  • Paying your debts on time (no lates) 35%
  • Available credit (credit balances no larger than .33% of the credit limit) 30%
  • Length of credit (number of years you have had credit) 12%

We do not have much control over the last one, but we do over the first two.

Jun 14, 2020 11:19 AM #7
Rainmaker
6,226,392
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much, Lise, for sharing this reblog selection.

Have an outstanding week.

Jun 14, 2020 11:38 AM #8
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Rainmaker
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Lise Howe

Assoc. Broker in DC, MD, VA and attorney in DC
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