Many people throughout their lives have some rough patches with their credit. If you apply for a VA Loan and are having difficulties because of you credit score, there is a way to raise your credit scores very fast with something called a credit “Rapid Rescore”. This is something I can assist your with as a FHA approved loan officer.

Here’s how the rescoring process works. First I will check your credit, analyze it and discuss it with you. If your credit score is too low to be approved for a VA Loan, or if you would like to get a better interest rate as a result of having a higher score, we can discuss the Rapid Rescore opportunities with your credit. I have access to a software tool that allows me to perform a “what if” analysis on your credit. This “what if” tool allows me to alter items on your credit, and project how many points your score would rise “if” we were able to update and/or correct certain items.

With the Rapid Rescore, we will first find items on your credit that we can improve, then you will take the actions needed and send me the documentation and I will perform the rescore directly with all three credit bureaus. The rescore allows us to make the updates to your credit and have the scores updated within 2-5 days. Whereas it can take 45-60 days for changes you make on your own to report to the credit bureaus. With the Rapid Rescore we work directly with the credit bureaus to update the information quickly and get immediate feedback.

Some common items we might change to improve your credit score to qualify for a VA Loan are; paying down revolving balances to <30% of your credit limit, redistributing those balances to different accounts, or having derogatory items deleted off your credit that are mistakes or that you can work out with creditors. But there is much more we can counsel and assist you to do after analysis of your credit.

Please don’t hesitate to send me out an email at homeloan8@gmail.com or call me at 858-922-7899 with questions. Warm Regards, Rob Chomentowski Sr. Loan Officer (and VA specialist) 858-922-7899 homeloan8@gmail.com

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