credit

How 'rapid rescore' affects your credit

A rapid rescore is fairly predictable
A rapid rescore is fairly predictable

Before you go through the rapid rescoring process, your lenders will have a pretty good idea of just how much your score could rise. That's because there's an app for that.

The clients who are most likely candidates are potential borrowers with scores from the mid-600s to the 720s who are "five to 10 points off" from where they want to be, Bailey says. "That's who's going to benefit most from the rapid rescoring."

She adds: "Typically when we're just trying to get to the next tier for (a better rate), that's when we're going to have the most benefit. And getting that better rate on a mortgage can result in substantial savings either through interest rates or out-of-pocket costs."

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